The world-wide demand for transparency is constantly bringing cases of bad practice and wrongdoings in economic life and finance to the knowledge of the public. This is in itself positive however, it also contributes to an increased gap in trust between economic actors and public opinion where the wrongdoings of a few lead to a general negative judgment on the market economy as a whole.
On the 3rd June, the Fondazione Centesimus Annus Pro Pontifice (FCAPP) is organising a seminar to present a proposal for a reformed market economy.
The Seminar will in fact probe into the merits of a paper published by the Fondazione Centesimus Annus Pro Pontifice, referred to as the 2015 Statement, a "Reformed Market Economy: Entrepreneurship for Human Development". The paper has been researched, debated and written during a number of conventions held in the Vatican, Dublin, London and New York in response to Pope Francis' statement "thou shalt not to an economy of exclusion and inequality - such an economy kills".
The seminar which will be held at the Seminary in Tal- Virtu', Rabat between 18.00 hrs and 19.30 hrs with the participation of Lawrence Zammit, Economist, Rev. Fr Mark Sultana, Philosopher, Gejtu Vella, a former Trade Unionist and today an industrial relations consultant and Joseph F X Zahra, as chairman of the panel.
Archbishop Charles J. Scicluna will also be delivering a keynote address during the seminar.
"In the last few years, financial global development has been characterized by economic volatility. As a result of the resilience shown by some banks and the heavy public cost of the bail-out processes of others, the financial sector is undergoing profound change, both through added regulation and through internally promoted reform. The call to give this reform a human and ethical perspective can be translated into practical ways which, in addition to the acknowledged ethical approach to finance, also involves the idea of "inclusive finance" - finance that helps fight exclusion. This is widely explained in the statement that we will be presenting during this seminar which is supported by a number of facts and ideas," said Joseph F X Zahra.
The statement to be discussed during the seminar stresses that to achieve a more ethical approach in the financial sector, companies need to change in managerial culture and behavior, help job creation through decentralized lending, fight fraud, corruption and abuse, promote stability and clarity of legislation to mitigate the cost of bureaucracy which leads to corruption, make consumer protection more effective through transparency and simplification, promote and support long term investment, mobilize financial technology for inclusive finance , enrich financial education and redefine the financial business model with moderate profit objectives and long term incentives and bonus policies.
This seminar is open to the general public, and attendance is guaranteed by emailing before the 3rd June 2015 on [email protected]