A yes and five ‘Nos’

On more than one occasion I wrote that the economic crisis that has bogged down the world for so long cannot be solved if it is only analysed from the pers­pective of economic theories.

While others lambast the Church, Monti sees her as part of the solution- Fr Joe Borg

I had written about the importance of the ethical dimen­sion. I did so as all human actions have an ethical dimension be­cause they are human actions.

Political decisions and an ensuing political crisis or solution (our own political crisis is not an exception) would fit within this perspective. But that could be the subject for another piece another time.

Such a perspective would give a holistic view of the problem, something that would be lacking if the economic dimension is the one just analysed. Italian Prime Minister Mario Monti is one of those who believes that economic theories on their own will not get us out of the current problem.

One should not be surprised at his position, as Italy under Silvio Berlusconi is a clear example of how the crisis of values that permeated politics was then transferred and manifested in the economy.

Monti clearly stated that “it is precisely through the re-evaluation of the Christian roots of Europe that holds the secret to overcoming the serious situation experienced by the continent”.

In this endeavour he also sees an important role for the Church.

“The relationship between nations and the Church can be a bridge, an opening which knocks down the walls of national selfishness and cements the sense of belonging that means respect, responsibility and soli­darity,” he added.

While others unjustly lambast the Church on every occasion that presents itself, Monti sees her as part of the solution.

No one can accuse Monti of being a closet papist. His great experience at the heart of the highest European institutions and now at the helm of the Italian state must have taught him that it is so very true that man does not live by bread alone.

Besides this ‘yes’ for Christian values as a possible solution to the economic crisis an interesting analysis was recently presented by Ettore Gotti Tedeschi, president of the Istituto per le Opere di Reli­gione, popularly known as the Vatican bank, in the form of five ‘Nos’.

I base my summary on the report made by Salvatore Cernuzio for the Catholic news agency, Zenit.org.

Tedeschi tied the economic crisis to the crisis the institution of the family has been go-ing through in the past few decades.

His five ‘Nos’ are the following:

• No growth of the economy: The decrease in the number of children has affected the size of the pop­ulation, which in turn has negatively affected the level of consumption and the growth of GDP.

• No saving: Banks have no liquidity because people are saving less. “In 1975-80 the rate of savings accumulation of Italian families was 27 per cent; today it is 4.5 per cent. Today all that is earned is consumed, there are no resources for financial markets.”

• No marriages: People are marry­ing at an older age as “a young couple cannot afford to buy a house”.

• No elderly: “Children are not born and the population ages and is of pensionable age. Econo­mically this means an increase in fixed costs. Society has no more money to look after the elderly.”

• No work: “To be able to consume, we have moved the most important work to Asia. Half of what was first produced in the western world, today is im­ported because it costs less. By moving production, jobs have also moved.”

Both Monti’s and Tedeschi’s comments provide us with a lot of food for thought.

joseph.borg@um.edu.mt