A delegation of 100 people, including members of the board of directors, employees, and partners of the cooperative group Banca Etica, as well as executives from FEBEA and Banca di Credito Cooperativo in Italy, was received by Pope Francis on December 16. This event took place in the context of Banca Etica’s 25th anniversary in Italy and its 10th anniversary in Spain.
It is the first time that Pope Francis has welcomed a representative group from the European social economy. Previously, in 2013, the Pope had met with a delegation from the International Cooperative Alliance (ICA), which included then-president Pauline Green and current president Ariel Guarco. Years later, in 2019, Jorge Mario Bergoglio participated in the 100th anniversary of the Confederation of Italian Cooperatives.
In his speech to the representatives of ethical and cooperative banking, the Pontiff lamented the current state of finance: “Unfortunately, in the globalized world, finance no longer has a face and has distanced itself from people’s lives.” He continued: “When the only criterion is profit, we see negative consequences for the real economy.”
He also emphasized that investments and support for employment would not be possible without the intermediary role of banks and credit, with the necessary transparency. For the Pope, banking institutions “have great responsibilities in fostering an inclusive mindset and supporting an economy of peace.”
Pope Francis and Ethical Finance
This past December was not the first time that Pope Francis spoke about ethical finance. The encyclical Laudato Si’, published in 2015, also included references to how finance should be designed for a better world.
This encyclical focuses on the care of the environment and all people, as well as broader issues related to the “care of our common home,” as its subtitle states.
Recognizing the work of institutions that promote money and finance as tools for social and environmental transformation for the common good, the Pope told the representatives of ethical banking: “Your presence here today speaks of diversity in the economic and banking world. You have different histories and structures to respond to people’s varying needs. Indeed, without adequate financial systems capable of inclusion and sustainability, there would be no integral human development.”
Anna Fasano, president of Banca Etica, expressed on behalf of the entire Group her gratitude to Pope Francis for his support of those implementing inclusive finance.
