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Letta quotes former pope Benedict on purpose of money

Premier says finance should be used to create jobs, new business

22 November, 13:34
Letta quotes former pope Benedict on purpose of money (ANSA) - Rome, November 22 - The purpose of money is not to generate more money, but to create jobs and new business which are desperately needed in Italy, Premier Enrico Letta said Friday, citing the writings of former Pope Benedict XVI.

Letta quoted from Benedict's 2009 encyclical Caritas in Veritate (Charity in Truth), which updated the Catholic Church's social doctrine on a range of issues including economics, trade and employment.

That document, said Letta, advises that money should be put to work to create something of value in the economy and not used solely for the accumulation of greater wealth.

"Money does not work only to create money, but finance is subsidiary to the work and growth of create jobs and new business, serve the welfare of their district and make people better off," Letta told a meeting of bankers.

He noted that Benedict's document was published at the height of the worldwide financial crisis.