Pope Benedict wrote to the G-20 Summit – “A key element of the crisis is a deficit of ethics”

This letter was sent to British Prime Minister Gordon Brown, who was hosting the Summit –

Catholic Culture : Library : A Key Element of the Crisis Is a Deficit of Ethics

At the same time, I would like to note a further reason for the need for reflection at the Summit. Financial crises are triggered when – partially due to the decline of correct ethical conduct – those working in the economic sector lose trust in its modes of operating and in its financial systems. Nevertheless, finance, commerce and production systems are contingent human creations which, if they become objects of blind faith, bear within themselves the roots of their own downfall. Their true and solid foundation is faith in the human person. For this reason all the measures proposed to rein in this crisis must seek, ultimately, to offer security to families and stability to workers and, through appropriate regulations and controls, to restore ethics to the financial world.

The current crisis has raised the spectre of the cancellation or drastic reduction of external assistance programmes, especially for Africa and for less developed countries elsewhere. Development aid, including the commercial and financial conditions favourable to less developed countries and the cancellation of the external debt of the poorest and most indebted countries, has not been the cause of the crisis and, out of fundamental justice, must not be its victim.

If a key element of the crisis is a deficit of ethics in economic structures, the same crisis teaches us that ethics is not “external” to the economy but “internal” and that the economy cannot function if it does not bear within it an ethical component.