Vatican bishop calls for ‘Robin Hood tax’ on finance

BISHOP Marcelo Sánchez Sorondo, chancellor of Pontifical Academy of Social Sciences, called for greater care of the environment and the adoption of a tax system to address international economic crisis.

Addressing representatives of Caritas Internationalis (CI) on Monday, the bishop said the so-called “Tobin tax” or “Robin Hood tax,” which imposes tax on financial transactions, makes “economic common sense.”

Bishop Sorondo told Caritas delegates from around the world that finance and the economy can benefit society if they are tailored toward the common good, but financial institutions can be destructive if unregulated.

Pointing to the protest movements taking place in North Africa, Middle East, Europe and North America, he said: “a large number of people around the world believe we are headed in the wrong direction.”

“Economics must not be exclusive,” he said. The bishop called for economics to be seen in the context of other issues such as sustainable energy, the environment, education and social issues such as drug use and prostitution rather than just GDP.

Report from Independent Catholic News