When the Vatican began laying the groundwork for a new financial services body called the Ecclesiastical and Ecclesiastical Council (Ecclesiastical Council), the church had no way of knowing how the new body would impact the financial sector.
A new body that had to be approved by bishops and cardinals, who were not required to be financially literate, was unprecedented.
The new body also required a special mandate from the Vatican itself, which had previously been able to impose its will.
But after the first few months, as Pope Francis’s reforms began to take hold, a series of reforms were announced, including the creation of the Financial Markets Authority (FA) and the establishment of the International Commission on Financial Markets (ICFN).
The two bodies were tasked with overseeing the creation and implementation of new financial regulation in the Catholic world.
With the new financial system in place, the church has since been able, with a lot of help from the Catholic Institute for Financial Research, to improve the financial services sector by developing a more modern financial system, and by offering financial products and services that are better suited to the needs of modern economies.
But there is still a lot more work to be done.
This post originally appeared on New York magazine.