Pope Leo XIV appoints new members to Vatican’s Council for the Economy
Pope Leo XIV appointed eight new members, including four cardinals and four lay experts, to the Council for the Economy on August 11, 2026. The new cardinals are archbishops from Poland, Serbia, Algeria, and Italy, while lay members include a Liechtenstein princess, a French businessman, and two Italians with finance and Catholic institutional experience. The council, which oversees the Roman Curia's finances and submits the annual budget to the pope, will have members serve five‑year terms and is divided between bishops/cardinals and lay experts. Pope Leo also reconfirmed six existing members, such as Cardinals from Brazil, Canada, and the US, and lay trustees, continuing the council’s work under Cardinal Reinhard Marx.
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Pope Leo XIV announced on 11 August 2026 the appointment of eight new members—four cardinals and four lay experts—to the Vatican’s Council for the Economy, while also confirming eight existing members for additional five‑year terms. The council, which oversees the Holy See’s financial administration and approves its annual budget, continues to operate under the framework of Praedicate Evangelium and the social doctrine of the Church. 1
Four archbishops were named to the council: Grzegorz Ryś of Krakow, Poland; Ladislav Nemet, SVD, of Belgrade, Serbia; Jean‑Paul Vesco, OP, of Algiers, Algeria; and Roberto Repole of Turin, Italy. 1
The lay appointments include:
Eight members originally appointed by Pope Francis received new five‑year terms: Cardinals Odilo Pedro Scherer (São Paulo, Brazil), Gérald Cycprien Lacroix (Québec, Canada), and Joseph William Tobin (Newark, USA); lay members Leslie Jane Ferrar (Archdiocese of Westminster, UK), Alberto Minali (CEO of REVO Insurance), and Father Brian Edwin Ferme (canon lawyer and council secretary). Cardinal Reinhard Marx will remain council president, and Charlotte Kreuter‑Kirchhof will continue as vice‑coordinator. 1
The Council for the Economy supervises the administrative and financial structures of the Roman Curia and affiliated institutions, approves the Holy See’s annual budget and consolidated financial statements, and submits them to the pope. Members serve five‑year terms and are constitutionally divided between eight cardinals or bishops and seven expert laypeople from diverse nationalities. 1
The council operates under Praedicate Evangelium, which directs it to act in line with the Church’s social doctrine, adopt internationally recognized best practices in public administration, and pursue ethical and efficient financial management. 1*
Reform of Vatican’s economic governance under Pope Leo XIV
Pope Leo XIV’s reform of Vatican economic governance appears to be institutional rather than revolutionary. It continues the restructuring begun under Pope Francis, but gives particular emphasis to four priorities:
The reform therefore seeks to move the Vatican from an arrangement marked by overlapping competencies toward a more coordinated system in which authority, oversight, investment execution, and financial intelligence are more clearly distinguished.
The basic architecture of Vatican economic reform was established before Pope Leo XIV. In 2014, Pope Francis created the Council for the Economy as the body responsible for oversight of the financial and administrative structures of the Roman Curia, institutions linked to the Holy See, and Vatican City State.
The 2022 Apostolic Constitution Praedicate Evangelium confirmed and developed that arrangement. It assigns the Council for the Economy competence to supervise the administrative and financial structures and activities of curial institutions and related bodies. It also requires the Council to operate according to:
“the social doctrine of the Church,”
“the best practices recognized internationally,”
and management that is “ethical and efficient.”
Its composition is also significant. The Council consists of eight cardinals or bishops and seven lay experts of different nationalities. The Secretariat for the Economy participates, but its prefect has no vote.
This structure reflects an important Catholic principle of governance: ecclesial authority remains properly ordered to the mission of the Church, while financial administration benefits from professional competence, lay participation, and institutional checks. Pope Leo’s reforms should therefore be understood as an effort to make the existing system function more coherently, rather than as a rejection of the framework established by Praedicate Evangelium.
The most direct economic reform of Pope Leo XIV is the 29 September 2025 motu proprio Coniuncta cura, concerning the Holy See’s financial investments.
The document begins from the principle of co-responsibility within communion. It states that this shared responsibility applies to the curial institutions entrusted with financial investments and requires clearly defined roles and competencies, allowing the institutions to converge in mutual collaboration.
This is the central governance principle of the reform. Economic management is not treated as the private domain of one office or institution. Instead, it is understood as a task requiring:
The motu proprio formally abrogates the Rescriptum ex Audientia Sanctissimi of 23 August 2022, which had contained instructions on the administration and management of the Holy See’s financial assets and liquidity.
This repeal does not mean that financial regulation has been abandoned. Rather, it indicates a move toward a revised and more integrated framework for investment governance. The important question is not simply whether a previous instruction was repealed, but what replaces it institutionally: a system centered on approved investment policy and the authority of the Investment Committee.
Under Coniuncta cura, the Holy See’s financial investments must conform to the dispositions established by the Investment Committee, while respecting an approved investment policy.
This creates a distinction between:
That distinction is essential for sound governance. It reduces the danger that the same institution might simultaneously define investment policy, execute investments, and evaluate its own performance.
The measure also links investment activity to the Holy See’s proper use and mission, referring to financial investments made in accordance with Article 219 of Praedicate Evangelium. Investment is thus presented not as an autonomous pursuit of profit, but as an instrument ordered to the institutional needs of the Holy See.
The motu proprio directs the Administration of the Patrimony of the Apostolic See—APSA—to generally use the internal organizational structure of the Institute for the Works of Religion, commonly known as the IOR, in carrying out the Holy See’s financial investments.
This is a notable practical change. It favors the use of an internal Vatican financial institution rather than routinely relying on external intermediaries. The likely governance advantages include:
However, the provision is not absolute. The competent bodies may decide that using financial intermediaries established in other states is more efficient or convenient, according to the statutes of the Investment Committee.
The reform therefore combines institutional preference with operational flexibility. It does not impose financial autarky or prohibit external expertise. Instead, it establishes an internal default while preserving the possibility of outside participation when justified by efficiency or prudence.
On 25 June 2026, Pope Leo XIV approved a new statute for the Supervisory and Financial Information Authority, or ASIF. This represents the supervisory and regulatory dimension of the wider reform.
The chirograph describes transparency, integrity, and accountability as indispensable elements of good governance and service to the common good. This language is important because it places financial regulation within a moral and ecclesial framework. Financial controls are not merely technical instruments designed to satisfy international regulators; they are part of the Church’s responsibility to administer resources honestly.
The new statute continues a process of progressive development in Vatican financial law. The document refers to:
The stated objective is to bring the Holy See’s legal order into harmony with the highest international standards while respecting its institutional particularities.
ASIF is identified as the competent authority for:
The importance of this arrangement lies in the separation between financial management and financial supervision. APSA and the IOR may administer or implement investments, but ASIF’s role is to ensure that the system operates lawfully, securely, and transparently.
The statute was updated in light of several institutional developments, including Praedicate Evangelium, the 2023 legislation on transparency and financial intelligence, and the 2025 Personnel Regulations of the Roman Curia.
This suggests that Pope Leo’s approach is one of legal consolidation. Instead of repeatedly creating isolated mechanisms, the reform seeks to align the statutes of financial bodies with the broader legal order of the Holy See.
The stated goals are transparency, integrity, stability, and security in the economic and financial system of the Holy See and Vatican City State.
Pope Leo XIV’s economic reforms cannot be interpreted solely as administrative or compliance measures. His economic vision is also shaped by a theological and social priority: the Church’s resources must serve the human person, especially the poor.
In Dilexi te, Pope Leo emphasizes that Christ identifies himself with those who are weak, despised, and suffering, and that love for Christ is inseparable from love for the poor. He states:
“In the poor, he continues to speak to us.”
This has direct implications for economic governance. Financial prudence is necessary because waste, opacity, corruption, and reckless investment can ultimately reduce the Church’s capacity to evangelize and assist those in need. Good governance is therefore not opposed to charity; it protects and strengthens the Church’s ability to exercise charity responsibly.
In his message to the “Economy of Francesco,” Pope Leo criticized an economic system that increases inequality and fails to care for the weak. He urged young economists and businesspeople to ground their work in the Gospel rather than in temporary trends or merely social activism.
His approach may be summarized as follows:
A further dimension of Pope Leo XIV’s economic governance is ecological sustainability. On 1 June 2026, he established the Fratello Sole Foundation, connected with the project to construct an agrivoltaic facility in the extraterritorial area of Santa Maria di Galeria.
The project is intended to combine energy production with agriculture and to provide the energy needed for Vatican activities, including the radio station and ultimately Vatican City State.
The Foundation is explicitly presented as an example of reconciling economic activity, agricultural production, and protection of the environment. It is grounded in the Church’s teaching on care for creation, including Laudato si’ and Laudate Deum.
This initiative expands the meaning of economic reform. Reform is not limited to preventing financial misconduct. It also involves asking whether the Vatican’s own operations embody responsible stewardship of natural resources.
The Foundation’s governance is initially entrusted to the presidents of the Governorate of Vatican City State and APSA. That arrangement links ecological policy with the two institutions most directly involved in Vatican property, infrastructure, and patrimonial administration.
Pope Leo has also demonstrated a willingness to consolidate structures when this could improve coordination. In the case of the Pontifical Committee for World Children’s Day, he dissolved the separate committee, transferred its responsibilities to the Dicastery for the Laity, Family and Life, and required the settlement of its outstanding accounts with a final liquidation balance sheet submitted to the Secretariat for the Economy.
Although this was not itself a broad financial reform, it illustrates a general administrative method:
This is consistent with the principle of avoiding unnecessary duplication and ensuring that every ecclesial body has a clear institutional home.
The strongest feature of Coniuncta cura is its attempt to define who sets policy, who implements investments, and who supervises compliance. The document expressly calls for clearly defined roles and competencies among the institutions involved.
The use of the Investment Committee, the role of lay experts in the Council for the Economy, and the strengthening of ASIF indicate continued reliance on professional competence within a properly ecclesial framework.
The new ASIF statute places transparency, integrity, and accountability at the heart of good governance. This is especially important for restoring confidence in the administration of Church resources.
Pope Leo’s measures do not discard the structures created under Pope Francis. The documents explicitly recognize the continuing importance of Praedicate Evangelium, the Council for the Economy, and the legal framework developed in previous years.
The reforms connect economic governance with the Church’s concern for the poor, the common good, and care for creation.
The available documents establish the direction of reform, but they do not provide enough information to evaluate its complete practical results.
Several questions remain important:
The sources establish legal and institutional intentions, but they do not yet offer comprehensive data on financial outcomes, audit findings, investment returns, or measurable reductions in administrative inefficiency. Any claim that the reform has already resolved the Vatican’s economic difficulties would therefore go beyond the evidence available.
Pope Leo XIV’s economic governance reform is best understood as a continuation and consolidation of the Vatican’s long-term financial restructuring. Its principal features are the clarification of institutional responsibilities through Coniuncta cura, the strengthening of ASIF as a supervisory and financial-intelligence authority, the greater coordination of APSA and the IOR, and the integration of financial administration with the Church’s mission to serve the poor and protect creation.
The governing principle is not financial modernization for its own sake. It is responsible stewardship in communion: resources must be administered lawfully, transparently, prudently, and in a manner consistent with the Church’s evangelizing mission and service of the common good.