With its publication in L’Osservatore Romano, the Motu Proprio 'Coniuncta Cura' enters into force, through which Pope Leo XIV redesigns the economic governance of the Holy See. APSA, the Administration of the Patrimony of the Apostolic See, reclaimed its position as the primary fund manager, while the IOR lost the exclusive right over Vatican investments that it had obtained in 2022 with Pope Francis’s 'Rescriptum ex Audientia'. The reform, based on the ideas of 'Praedicate Evangelium', establishes a logic of "shared responsibility" among curial organizations. APSA will have the option of utilizing the IOR for financial transactions or, for the first time, utilizing external intermediaries, whether they are Italian or international, if the Investment Committee deems them to be more expedient or transparent. The move represents a change from centralized to collegial systems, with the goal of improving supervision and openness while avoiding economic power concentrations. The Investment Committee, founded by the Apostolic Constitution of 2022, serves a strategic function in approving the Investment Policy and overseeing economic strategies, limiting individual businesses' autonomy. The Motu Proprio, which is operative immediately, mandates that APSA and IOR revise their statutes and that dioceses and religious institutions adhere to the new Investment Policy. Following years of scandals and investigations—from the Banco Ambrosiano case to investigations into mismanagement at the highest levels of the IOR—the reform offers a step forward toward a more stable, transparent Vatican finance system that is consistent with the Holy See's pastoral vocation.
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