Can we rethink the key features of our economic and social life? Can we rely on growth that is being generated by compulsive consumption? What is the future of employment and the informal economy? How are we dealing with the urgent issues of today’s world?

These questions and others were provocative enough to keep around a 150 economists, bankers, sociologists, academics and businessmen from around the world engaged in discussion and debate at the Vatican at the end of May during the annual international convention organised by the Fondazione Centesimus Annus - Pro Pontifice, which is becoming more of the informal economic think-tank of the Vatican.

This year the convention was ad­dressed, among others, by Sally Blount, dean of Kellog School of Management, Ulrich Schroder, CEO of the world’s leading development bank KfW, Andrea Bardavid, director of UBS Italy, Paul Kelly, general secretary of GMB and former TUC president, Michael Bonello, former governor of the Central Bank of Malta, and Enrico Giovannini, former minister of labour and social policy in the Letta government.

The underlying leitmotif in the debates was whether the thinking of the Catholic Church as ex­press­ed in the papal encyclicals can inspire a better way of doing economics. The urgent issues of today – increased inequality, migration, marginalisation, the rise of populism in politics and discrediting of politicians, indifference towards the environment – can also be challenged by the tenets of Christian thinking – subsidiarity, solidarity and the pursuit of the common good.

It is interesting that the most enthusiastic proponents of Catholic social thinking during the debates were non-Christians, but academics and practitioners of other faiths who participated in the convention. A number of suggestions were made on how to improve the way we do things during various sessions of group debates that took place over the two days of the convention.

We now wait for the next encyclical on genuine respect towards our environment. Could it be better timed for us in Malta?

The issue of economic scarcity was raised by many speakers as the choice of type of investment and consumption has a direct relevance on the world we live in. A raised awareness of the environment could be detected throughout the meeting.

The use of land and other scarce resources has to be considered not only from a purely national or business investment return viewpoint, but in the light of long-term and inter-generational quality of life. Silvano Tomasi, the Holy See’s permanent observer to the United Na­­tions in Geneva, spoke of the UN’s high expectations for Pope Francis’s encyclical on the environment.

The convention always had a particular slant towards finance and banking, especially during these last years of financial crisis. It is not that investment banking, hedge funds and asset management are wrong. In fact, they are essential for growth and development. What is wrong is the abuse and misuse in decision-making of financial methods and instruments that are essential for economic growth.

The principle of subsidiarity, interpreted as decentralising the banking system, and focused understanding of consumer needs within a socio-cultural context, was heavily debated during the meeting. The message was in favour of less centralised decision-making in banking while considering the special needs of SMEs, start-ups and entrepreneurs; and prudence and professionalism in regulation.

Speakers also dealt with the future of employment in the light of technological developments and robotics, the ‘sharing economy’, changing demographics, new management models, diversity and migration, the desire for a better work-life balance. The key words were em­power­ment and entrepreneurial drive.

More than increased numbers of jobs, we need to focus on the quality of jobs and the dignity these jobs give to people. Freedom and creativity are pivotal in the search for personal development as the employee is involved and feels a participant at the place of work.

We are far from an economic market system that works clockwork. Ideas inspired by the principles of Catholic social thinking can make a difference. We now all wait for the next encyclical on genuine respect towards our environment. Could it be better timed for us in Malta?