Pope Leo XIV Reverses Vatican Financial Reforms

Pope Leo XIV has begun reversing some of Pope Francis' financial reforms. He cancelled a 2022 law that concentrated financial power in the Vatican bank, allowing for more flexibility. This move is part of a broader effort to recalibrate Vatican power dynamics and improve fundraising credibility.

Pope Leo XIV has initiated significant changes in the Vatican's financial strategy, addressing and amending certain reforms implemented under Pope Francis. On Monday, Leo overturned a 2022 law that centralized financial authority within the Vatican bank, shifting towards more adaptable financial dealings.

This recent legislation underscores Leo's intention to rectify decisions from Francis' era and adjust the Vatican's power structure. The annulled law had previously surprised many by conflicting with the Holy See's foundational constitution, which assigns asset management responsibilities to the APSA.

Additionally, Leo's actions include a reshuffle in the Vatican's fundraising body, hinting at forthcoming strategic modifications aimed at restoring confidence among major donors. Amid these reforms, a significant trial involving embezzlement charges has also come under scrutiny, reflecting the ongoing complexities of Vatican governance.

(With inputs from agencies.)