Mr. President,

The Delegation of the Holy See wants to restate its conviction that the perspective of human rights provides a positive contribution for a solution to the current financial crisis. Even though some signs of recovery seem visible, the crisis continues to aggravate the conditions of millions of people in their access to the basic necessities of life and has adversely compromised the retirement plans of many.

This situation, therefore, calls for new regulations and a sound global system of governance that ensures a sustainable and comprehensive path to development for all. In the establishment of new regulations and reliable governance there exists a unique opportunity to address the root causes of the crisis and to affirm an integrated approach to the implementation of all economic, social, civil and political human rights as outlined in the Universal Declaration of Human Rights.

United Nations reports give plenty of evidence regarding the many negative consequences of the financial crisis: the scandal of hunger, the growing inequality worldwide, millions of unemployed people and millions of others reduced to extreme poverty, institutional failures, lack of social protection for countless vulnerable persons. These imbalances, the Holy Father reminds us in the recent encyclical Caritas in Veritate, “are produced when economic action, conceived merely as an engine for wealth creation, is detached from political action, conceived as a means for pursuing justice through redistribution” Equity and justice are essential criteria in the management of the world economy.

To read the complete statement by the Holy See, please see the pdf below.

Holy See statement on human rights in face of financial crisis (97.26 KB)