Pope Francis Isn't Infallible on Economics
Debt restructuring for the poorest countries has been tried before, with limited results. It needs to be combined with fixing national institutions.
The moral case.
Photographer: ANDREAS SOLARO/AFPAccording to the Catholic Church, the Pope is infallible when he teaches on matters of faith or morals. When he talks about economics, however, he appears to make mistakes — just like the rest of us.
This week, Pope Francis addressed an audience at a conference in the Vatican, including the International Monetary Fund’s chief, Kristalina Georgieva, and several finance ministers. He called on the rich world to help developing countries achieve debt sustainability through measures such as debt restructuring. “You have to remember your responsibility to aid the poorest countries,” he said.