(Bloomberg) -- Pope Francis told Roman Catholic cardinals they need to cut unnecessary spending to reach the Vatican’s zero-deficit target set in the wake of a series of financial scandals.
In a letter to the cardinals published on the Holy See’s website Friday, the pontiff said that all Vatican institutions need to find external resources for their missions. He also reminded prelates that their service should be “carried out with a spirit of the essential, avoiding the superfluous.”
The reform of the Vatican’s financial system has been a top priority for Francis after decades of scandals, from the bankruptcy of the Vatican-owned Banco Ambrosiano in 1982 to the fraud-ridden purchase of a building in London’s upscale Chelsea district.
The pope has in recent years pushed for change — with some observers describing his moves as radical — to centralize the Vatican’s financial investments, which are scattered over myriad institutions. He has also sought to increase transparency.
All Vatican bodies, ministries and organizations have been required to transfer their financial assets and cash balances to the Administration of the Patrimony of the Apostolic See, which now acts as the Church’s main financial institution.
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