Central Bank Governor Josef Bonnici is spearheading a proposal to create voluntary solidarity funds on an international level as a financial vehicle to help alleviate social inequality.

The idea, which is still in an embryonic stage, is being discussed through the Fondazione Centesimus Annus Pro Pontifice, based in the Vatican City, which has the purpose of contributing to the diffusion of human, ethical, social and Christian values.

The foundation is currently holding a consultation meeting in Malta. Prof. Bonnici, who is a member of the foundation’s scientific committee, yesterday told a press conference that the solidarity funds would not be a specific financial instrument but would enable individuals to contribute on a regular basis.

He said no decisions had yet been taken on who would be administering the funds and what distribution criteria would be used but a formal proposal was expected to be made later this year when the foundation holds an international conference at Vatican City.

The international consultation in Malta is a continuation of the ongoing dialogue initiated by the Dublin Group on financial reform and the common good, according to the foundation’s president, Domingo Sugranyes Bickel, and former Bank of Valletta chairman Joe Zahra, a member of the advisory board.

The Dublin Group is tasked with formulating recommendations on directing finance in the service of the common good, as defined by Catholic social teaching.

The discussion in Malta is about the need for an ethical dimension to financial reform and on sustainable solutions to the growing inequality worldwide.