Pope demands greater ethics in economic policy
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Last Updated: Thursday, August 18, 2011, 19:02
  
Madrid: Pope Benedict XVI denounced the profit-at-all-cost mentality that he says is behind Europe's current economic crisis as he arrived in hard-hit Spain on Thursday, and said morals and ethics must play a greater role in formulating economic policy in the future.

Benedict made the comments as he traveled to Madrid for the Catholic Church's World Youth Day, a weeklong Catholic festival that is taking place against a backdrop of the European debt crisis and social unrest among the young that exploded recently in the riots in Britain.

Benedict said the crisis and sense of desperation among young people proved that ethics have been increasingly left out of formulating economic policy at local and international levels.

He said: "Man must be at the center of the economy, and the economy cannot be measured only by maximization of profit but rather according to the common good."

"The economy doesn't function with market self-regulation but needs an ethical reason to work for mankind," he told reporters travelling aboard the papal plane.

He said the current crisis shows that a moral dimension isn't "exterior" to economic problems but "interior and fundamental."

Benedict explored the theme more fully in his 2009 encyclical "Charity in Truth," in which he called for a new world financial order guided by ethics, dignity and the search for the common good.

Benedict arrived in a cloudy Madrid to a boisterous welcome from young people with their faces painted the colours of the Spanish flag chanting: "These are the pope's young people!" A cordon of youngsters decked out in faux Swiss Guard uniforms greeted Benedict on the tarmac at Madrid's Barajas airport, along with Spain's King Juan Carlos and Queen Sofia.

Socialist Prime Minister Jose Luis Rodriguez Zapatero and conservative opposition leader Marian Rajoy, the man forecast to take power in November elections, also were present.

PTI


First Published: Thursday, August 18, 2011, 19:02


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