Most coverage of the Pope's achievements, or lack of, centred on
matters of faith and doctrine.
He came out with a mixed score partially
dependant on judgement of those slippery concepts.
If you measure the
success of his tenure in a financial way, the balance sheet is more
negative.
The Vatican is a state and a business as well as a religious
organisation.
The state has investments, GDP, and a bank with 33,400
accounts. If you were generous you might describe its accounting system
as opaque.
The European Parliament has called for it to be more
transparent.
Four years after he came to power, Benedict XVI, the de facto CEO of the Vatican,
reacted to a string of accusations of financial irregularity by its
bank, the Institute for Works of Religion (IOR). He created a
supervisory body - the Financial Information Authority.
It passed legislation to ensure the bank meets international standards
on countering money laundering and the financing of terror.
Two years later, the anti-money laundering watchdog Moneyval, part of
the Council of Europe, issued a report saying the Vatican was falling
well short of its goals. It could not recommend that it be included on
the list of 'white states' which are considered to be upholding
acceptable standards of banking transparency, including in the areas of
money laundering, tax evasion, and the financing of terror.
Following this was the scandal of the Pope's 'butler', Paolo Gabriele,
who allegedly leaked documents showing potentially criminal activity in
business dealings with Italian companies. It was alleged that cash had
gone missing, and certain companies were offered contracts above their
worth.
Today came news that the Vatican bank has appointed a new director,
German lawyer Ernst von Freyberg.
The IOR had been under interim
leadership since the previous director was fired last May for alleged
mismanagement. The 54-year-old is an experienced financial expert as
well as being a member of the Catholic Order of the Knights of Malta.
The Vatican's bank is thought to have assets of $4bn (£2.6bn), but the overall worth of the Vatican State is far higher.
Like any business, the Roman Catholic Church requires cash flow and its
weekly take is thought to have been seriously hit by a sharp fall in
the amount of money coming in from the collection plates each Sunday.
The series of sex scandals involving young boys, especially in Ireland,
Germany, and the USA has been reflected in falling attendances.
There appears to be a power struggle within the highest echelons of the
Vatican about how it conducts its financial affairs.
There is one wing
which hopes to modernise its practises and make the IOR less opaque, but
the old guard insists that, just as the Vatican policed itself on the
sex scandals, in some cases blocking police investigations, so it also
has the right to regulate itself in the financial world.
The biblical injunction "Render to Caesar the things that are Caesar's,
and to God the things that are God's" is about the relationship between
religious and secular authority.
It remains contentious.