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illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: In the final weeks of his life, Pope Francis made urgent attempts to resolve the Vatican's worsening financial crisis, but ultimately could not reverse years of deficits and mismanagement
• The Vatican's budget deficit has tripled since his election in 2013, and its pension fund now faces up to €2 billion in unfunded liabilities, highlighting deep systemic issues that the next pope will inherit
🔭 The context: Pope Francis’ tenure was marked by efforts to clean up the Vatican's opaque finances, including new anti-corruption measures and attempts to increase transparency in the Curia
• However, historical practices of secrecy, and governance challenges consistently undermined reform efforts, despite high-profile trials and institutional reorganizations
• illuminem dedicated a powerful editorial to Pope Francis: "This is the first time illuminem takes a side."
🌍 Why it matters for the planet: The Vatican’s financial stability affects not only its global religious mission but also its extensive charitable activities, from humanitarian aid to climate advocacy
• A financially weakened Vatican could diminish its influence in key sustainability and human rights discussions, where it has historically been a significant moral voice
⏭️ What's next: The College of Cardinals will soon face not only the election of a new pope but also a critical reckoning with Vatican financial governance
• Rebuilding financial credibility may require stronger external oversight, greater transparency, and structural reforms
• How aggressively the next leader addresses these systemic problems could reshape the Church’s global engagement for decades
💬 One quote: “The next Pope will not only inherit a spiritual burden but also an economic time bomb,” — a Vatican financial adviser close to recent discussions
📈 One stat: Since 2013, the Vatican’s annual budget deficit has tripled, according to internal reports cited by senior advisers
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