In 2009 and in the following years, the
financial and economic crisis has revealed the weaknesses of a deregulated
financial market. It had and still has significant impacts especially on the
poor who have least contributed to its causes. The Pontifical Council for
Justice and Peace already in October 2011 analysed the causes of the crisis and
its impact and demanded a reform of the international financial system.
Declaration “Towards Reforming The International Financial And Monetary Systems“
Speech of Cardinal Turkson at the LSE, London, 6 February 2014
The Justice and Peace Commission on several occasions has spoken out in favour of a more extensive regulation and political control of financial services in Europe and around the world.
Declaration of JP President Bishop Dr Ackermann
The Justice and Peace Commission also called for the introduction of a financial transaction tax and supported the corresponding campaign right from the beginning. The proceeds of the tax on financial transactions should be invested in poverty reduction and global development programs.
The Conference of European Justice and Peace Commissions in its Concerted Action in 2013 has developed its vision of an economy at the service of society. “The financial sector exists to serve the real economy, which needs to be at the service of society, which in turn exists to protect and promote the dignity and wellbeing of the human person.“ Politics and the economy ought to be guided by this perspective, and a reorientation has to be based on ethical criteria. Education and training in matters of economy and finance need to emphasise the ethical dimension and human impact of these activities, with a focus on social justice.
Declaration “Concerted Action 2013 of JP Europe"
In 2000 already, the German Commission for Justice and Peace addressed questions concerning a political control of the economic globalization, putting a particular emphasis on questions concerning the world trade order. The Commission called for a reform of the world trade to benefit the poor and demanded to link the WTO Set of Rules to the human rights regimes of the United Nations.
Publication “Reform des Welthandels“ June 2001
The Justice and Peace Commission has contributed to the discussion on a transatlantic trade and investment partnership between the USA and the EU (TTIP) by exposing requirements from the perspective of the Christian social doctrine. The dignity of the human person, his/her rights and the common good ought to be the key points for a review of the negotiations.
Press release on “TTIP"