Pope Leo rolls back a controversial reform by his predecessor
Pope Leo XIV has reversed some of Pope Francis's more controversial financial reforms, including canceling a law that had centralized financial power within the Vatican Bank.
Leo completely abrogated the 2022 law that had decreed that management of the Holy See’s assets was the “exclusive responsibility” of the Institute of Religious Works, or IOR, News.Az reports citing foreign media.
The new law says the Holy See generally does use the IOR, but can turn to non-Vatican banks in other countries if the Vatican’s investment committee “deems it more efficient or convenient” to do so.
The law was the clearest sign yet that Leo is starting to correct some of Francis’s more problematic decisions and is recalibrating the powers in the Vatican, after Francis tended to lean heavily on the advice of the IOR.
The 2022 law had taken many in the Vatican by surprise since it appeared to contradict the Holy See's founding constitution, according to which the patrimony office APSA is responsible for administering the Vatican’s real estate and financial holdings.
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