The head of the Catholic Church spoke about reforming the entire structure of the religion, starting from the Vatican Bank itself.
According to sources, a cardinal in the city of Rome nets about US$3,888 each month. This figure is relatively less than what most European cardinals earn. Lower ranked pastors in Germany even earn more than the Roman cardinals.
The Vatican Bank is the central bank of the Holy See. Founded by Pope Pius XII, the bank of the Vatican has caused controversies regarding religious men with bank accounts which are unexpectedly large.
The planned reform of the bank came after an arrest of a senior monsignor last June 28. The church official was allegedly trying to smuggle EUR20 million to Italy via private jet. The arrest caused a shakeup in the administration of the Vatican City, prompting an investigation and review of the bank by an independent commission. Days later, the top two executives of the bank quit their jobs.
Commenting on the Pope's plan to restructure the bank, the Vatican "have decided that this decision would be in the best interest of the Institute and the Holy See."
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