"We Will Consistently Defend the Fundamental Right to Life"
WASHINGTON, D.C., JAN. 18, 2009 (Zenit.org).- Here is the text of the message Cardinal Francis George, archbishop of Chicago and president of the U.S. episcopal conference, sent last week to president-elect Barack Obama, who will take office as the president of the United States on Tuesday.
* * *
Dear Mr. President-elect,
As our nation begins a new year, a new Administration and a new Congress, I write to outline principles and priorities that guide the public policy efforts of the United States Conference of Catholic Bishops (USCCB). As President of the Bishops' Conference, I assure you of our prayers, hopes and commitment to make this period of national change a time to advance the common good and defend the life and dignity of all, especially the vulnerable and poor. We continue to seek ways to work constructively with the new Administration and Congress and others of good will to pursue policies which respect the dignity of all human life and bring greater justice to our nation and peace to our world.
As Bishops, we approach public policy as pastors and teachers. Our moral principles have always guided our everyday experience in caring for the hungry and homeless, offering health care and housing, educating children and reaching out to those in need. We lead the largest community of faith in the United States, one that serves every part of our nation and is present in almost every place on earth. From our experience and our tradition, we offer a distinctive, constructive and principled contribution to the national dialogue on how to act together on issues of economic turmoil and suffering, war and violence, moral decency and human dignity.
Our nation now faces economic challenges with potentially tragic human consequences and serious moral dimensions. We will work with the new Administration and Congress to support strong, prudent and effective measures to address the terrible impacts and injustices of the economic crisis. In particular, we will advocate a clear priority for poor families and vulnerable workers in the development and implementation of economic recovery measures, including new investments while strengthening the national safety net. We also support greater accountability and oversight to address irresponsible abuses of the system that contributed to the financial crisis.
The Catholic Bishops of the United States have worked for decades to assure health care for all, insisting that access to decent health care is a basic human right and a requirement of human dignity. We urge comprehensive action to ensure truly universal health care coverage which protects all human life including pre-natal life, and provides access for all, with a special concern for the poor. Any such legislation ought to respect freedom to choose by offering a variety of options and ensuring respect for the moral and religious convictions of patients and providers. Such an approach should seek to restrain costs while sharing them equitably.
On international affairs, we will work with our leaders to seek a responsible transition in an Iraq free of religious persecution. We especially urge early, focused and persistent leadership to bring an end to violent conflict and a just peace in the Holy Land. We will continue to support essential U.S. investments to overcome poverty, hunger and disease through increased and reformed foreign assistance. Continued U.S. leadership in the fight against HIV-AIDS and other diseases in ways that are both effectively and morally appropriate have our enthusiastic backing. Recognizing the complexity of climate change, we wish to be a voice for the poor and vulnerable in our country and around the world who will be the most adversely affected by any dramatic threats to the environment.
We will work with the new Administration and Congress to fix a broken immigration system which harms both our nation and immigrants. Comprehensive reform is needed to deal with the economic and human realities of millions of immigrants in our midst. It must be based on respect for and implementation of the law. Equally it must defend the rights and dignity of all peoples, recognizing that human dignity comes from God and does not depend on where people were born or how they came to our nation. Truly comprehensive immigration reform will include a path to earned citizenship with attention to the fact that international trade and development policies influence economic opportunities in the countries from which immigrants come.
We stand firm in our support for marriage which is a faithful, exclusive, lifelong union of a man and a woman and must remain such in law. In a manner unlike any other relationship, marriage makes a unique and irreplaceable contribution to the common good of society, especially through the procreation and education of children. No other kinds of personal relationships can be justly made equivalent to the commitment of a man and a woman in marriage.
With regard to the education of children, we will continue to support initiatives which provide resources for all parents, especially those of modest means, to choose education which best address the needs of their children.
We welcome continuing commitments to empower faith-based groups as effective partners in overcoming poverty and other threats to human dignity. We will work with the Administration and Congress to strengthen these partnerships in ways that do not encourage government to abandon its responsibilities, and do not require religious groups to abandon their identity and mission.
Most fundamentally, we will work to protect the lives of the most vulnerable and voiceless members of the human family, especially unborn children and those who are disabled or terminally ill. We will consistently defend the fundamental right to life from conception to natural death. Opposed to abortion as the direct killing of innocent human life, we will encourage one and all to seek common ground that will reduce the number of abortions in morally sound ways that affirm the dignity of pregnant women and their unborn children. We will oppose legislative and other measures to expand abortion. We will work to retain essential, widely supported policies which show respect for unborn life, protect the conscience rights of health care providers and other Americans, and prevent government funding and promotion of abortion. The Hyde amendment and other provisions which for many years have prevented federal funding of abortion have a proven record of reducing abortions. Efforts to force Americans to fund abortions with their tax dollars would pose a serious moral challenge and jeopardize the passage of essential health care reform.
This outline of USCCB policies and priorities is not complete. There are many other areas of concern and advocacy for the Church and the USCCB especially: religious freedom and other civil and human rights, news media and communications, and issues of war and peace. For a more detailed description of our concerns please see Forming Consciences for Faithful Citizenship (USCCB 2008), pages 19-30.
Nonetheless, we offer this outline as an agenda for dialogue and action. We hope to offer a constructive and principled contribution to national discussion over the values and policies that will shape our nation's future. We seek to work together with our nation's leaders to advance the common good of our society, while disagreeing respectfully and civilly where necessary for preserving that same common good.
In closing, I renew our expression of hope and our offer of cooperation as you begin this new period of service to our nation in these challenging times. We promise our prayers for you, that the days ahead will be a time of renewal and progress for our nation and that we can work together to defend human life and dignity and build a nation of greater justice and a world at peace.
Sincerely yours,
Francis Cardinal George, OMI
Archbishop of Chicago
President
Showing posts with label Washington. Show all posts
Showing posts with label Washington. Show all posts
Sunday, January 18, 2009
Friday, January 9, 2009
San Pietro in Vincoli -Michelangelo's Moses
Below are some pictures taken from the Basilica San Pietro in Vincoli, the home of Michelangelo's magnificent statue of Moses (below). I visited the Church for the first time this past weekend with friends from Washington, DC (former housemate of Quincy Street). Also located in this church are what are believed to be the chains that bound Saint Peter when he was imprisoned in Jerusalem.
Known as the Basilica Eudoxiana, it was first built in 432-440 to house the relic of the chains that bound Saint Peter when he was imprisoned in Jerusalem. According to legend, when the Empress Eudoxia (wife of Emperor Valentinian III) gifted the chains to Pope Leo I, while he compared them to the chains of St. Peter's final imprisonment in the Mamertine Prison in Rome, the two chains miraculously fused together. The chains are kept in a reliquary under the main altar in the basilica.
The basilica underwent several restorations and rebuildings, among them a restoration by Pope Adrian I, rebuilding by Pope Sixtus IV and by Pope Julius II. There was also a renovation in 1875. The front portico, attributed to Baccio Pontelli, was added in 1475. The cloister (1493-1503) has been attributed to Giuliano da Sangallo.
Known as the Basilica Eudoxiana, it was first built in 432-440 to house the relic of the chains that bound Saint Peter when he was imprisoned in Jerusalem. According to legend, when the Empress Eudoxia (wife of Emperor Valentinian III) gifted the chains to Pope Leo I, while he compared them to the chains of St. Peter's final imprisonment in the Mamertine Prison in Rome, the two chains miraculously fused together. The chains are kept in a reliquary under the main altar in the basilica.
The basilica underwent several restorations and rebuildings, among them a restoration by Pope Adrian I, rebuilding by Pope Sixtus IV and by Pope Julius II. There was also a renovation in 1875. The front portico, attributed to Baccio Pontelli, was added in 1475. The cloister (1493-1503) has been attributed to Giuliano da Sangallo.
Sunday, November 16, 2008
Declaration of the Summit on Financial Markets and the World Economy
Fact sheet In Focus:Summit on Financial Markets and the World Economy
1. We, the Leaders of the Group of Twenty, held an initial meeting in Washington on November 15, 2008, amid serious challenges to the world economy and financial markets. We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems.
2. Over the past months our countries have taken urgent and exceptional measures to support the global economy and stabilize financial markets. These efforts must continue. At the same time, we must lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again. Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, and entrepreneurship that are essential for economic growth, employment, and poverty reduction.
Root Causes of the Current Crisis
3. During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.
4. Major underlying factors to the current situation were, among others, inconsistent and insufficiently coordinated macroeconomic policies, inadequate structural reforms, which led to unsustainable global macroeconomic outcomes. These developments, together, contributed to excesses and ultimately resulted in severe market disruption.
Actions Taken and to Be Taken
5. We have taken strong and significant actions to date to stimulate our economies, provide liquidity, strengthen the capital of financial institutions, protect savings and deposits, address regulatory deficiencies, unfreeze credit markets, and are working to ensure that international financial institutions (IFIs) can provide critical support for the global economy.
6. But more needs to be done to stabilize financial markets and support economic growth. Economic momentum is slowing substantially in major economies and the global outlook has weakened. Many emerging market economies, which helped sustain
the world economy this decade, are still experiencing good growth but increasingly are being adversely impacted by the worldwide slowdown.
7. Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries. As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:
* Continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system. * Recognize the importance of monetary policy support, as deemed appropriate to domestic conditions. * Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability. * Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. We stress the International Monetary Fund's (IMF) important role in crisis response, welcome its new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility. * Encourage the World Bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda, and we welcome the recent introduction of new facilities by the World Bank in the areas of infrastructure and trade finance. * Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.
Common Principles for Reform of Financial Markets
8. In addition to the actions taken above, we will implement reforms that will strengthen financial markets and regulatory regimes so as to avoid future crises. Regulation is first and foremost the responsibility of national regulators who constitute the first line of defense against market instability. However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability. Regulators must ensure that their actions support market discipline, avoid potentially adverse impacts on other countries, including regulatory arbitrage, and support competition, dynamism and innovation in the marketplace. Financial institutions must also bear their responsibility for the turmoil and should do their part to overcome it including by recognizing losses, improving disclosure and strengthening their governance and risk management practices.
9. We commit to implementing policies consistent with the following common principles for reform.
* Strengthening Transparency and Accountability: We will strengthen financial market transparency, including by enhancing required disclosure on complex financial products and ensuring complete and accurate disclosure by firms of their financial conditions. Incentives should be aligned to avoid excessive risk-taking.
* Enhancing Sound Regulation: We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. We will exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct. We will also make regulatory regimes more effective over the economic cycle, while ensuring that regulation is efficient, does not stifle innovation, and encourages expanded trade in financial products and services. We commit to transparent assessments of our national regulatory systems.
* Promoting Integrity in Financial Markets: We commit to protect the integrity of the world's financial markets by bolstering investor and consumer protection, avoiding conflicts of interest, preventing illegal market manipulation, fraudulent activities and abuse, and protecting against illicit finance risks arising from non-cooperative jurisdictions. We will also promote information sharing, including with respect to jurisdictions that have yet to commit to international standards with respect to bank secrecy and transparency.
* Reinforcing International Cooperation: We call upon our national and regional regulators to formulate their regulations and other measures in a consistent manner. Regulators should enhance their coordination and cooperation across all segments of financial markets, including with respect to cross-border capital flows. Regulators and other relevant authorities as a matter of priority should strengthen cooperation on crisis prevention, management, and resolution.
* Reforming International Financial Institutions: We are committed to advancing the reform of the Bretton Woods Institutions so that they can more adequately reflect changing economic weights in the world economy in order to increase their legitimacy and effectiveness. In this respect, emerging and developing economies, including the poorest countries, should have greater voice and representation. The Financial Stability Forum (FSF) must expand urgently to a broader membership of emerging economies, and other major standard setting bodies should promptly review their membership. The IMF, in collaboration with the expanded FSF and other bodies, should work to better identify vulnerabilities, anticipate potential stresses, and act swiftly to play a key role in crisis response.
Tasking of Ministers and Experts
10. We are committed to taking rapid action to implement these principles. We instruct our Finance Ministers, as coordinated by their 2009 G-20 leadership (Brazil, UK, Republic of Korea), to initiate processes and a timeline to do so. An initial list of specific measures is set forth in the attached Action Plan, including high priority actions to be completed prior to March 31, 2009.
In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:
* Mitigating against pro-cyclicality in regulatory policy; * Reviewing and aligning global accounting standards, particularly for complex securities in times of stress; * Strengthening the resilience and transparency of credit derivatives markets and reducing their systemic risks, including by improving the infrastructure of over-the-counter markets; * Reviewing compensation practices as they relate to incentives for risk taking and innovation; * Reviewing the mandates, governance, and resource requirements of the IFIs; and * Defining the scope of systemically important institutions and determining their appropriate regulation or oversight.
11. In view of the role of the G-20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today.
Commitment to an Open Global Economy
12. We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems. These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living. Recognizing the necessity to improve financial sector regulation, we must avoid over-regulation that would hamper economic growth and exacerbate the contraction of capital flows, including to developing countries.
13. We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome.
14. We are mindful of the impact of the current crisis on developing countries, particularly the most vulnerable. We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development.
15. We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease.
16. As we move forward, we are confident that through continued partnership, cooperation, and multilateralism, we will overcome the challenges before us and restore stability and prosperity to the world economy.
Action Plan to Implement Principles for Reform
This Action Plan sets forth a comprehensive work plan to implement the five agreed principles for reform. Our finance ministers will work to ensure that the taskings set forth in this Action Plan are fully and vigorously implemented. They are responsible for the development and implementation of these recommendations drawing on the ongoing work of relevant bodies, including the International Monetary Fund (IMF), an expanded Financial Stability Forum (FSF), and standard setting bodies.
Strengthening Transparency and Accountability
Immediate Actions by March 31, 2009 * The key global accounting standards bodies should work to enhance guidance for valuation of securities, also taking into account the valuation of complex, illiquid products, especially during times of stress. * Accounting standard setters should significantly advance their work to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. * Regulators and accounting standard setters should enhance the required disclosure of complex financial instruments by firms to market participants. * With a view toward promoting financial stability, the governance of the international accounting standard setting body should be further enhanced, including by undertaking a review of its membership, in particular in order to ensure transparency, accountability, and an appropriate relationship between this independent body and the relevant authorities. * Private sector bodies that have already developed best practices for private pools of capital and/or hedge funds should bring forward proposals for a set of unified best practices. Finance Ministers should assess the adequacy of these proposals, drawing upon the analysis of regulators, the expanded FSF, and other relevant bodies.
Medium-term actions * The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard. * Regulators, supervisors, and accounting standard setters, as appropriate, should work with each other and the private sector on an ongoing basis to ensure consistent application and enforcement of high-quality accounting standards. * Financial institutions should provide enhanced risk disclosures in their reporting and disclose all losses on an ongoing basis, consistent with international best practice, as appropriate. Regulators should work to ensure that a financial institution' financial statements include a complete, accurate, and timely picture of the firm's activities (including off-balance sheet activities) and are reported on a consistent and regular basis.
Enhancing Sound Regulation
Regulatory Regimes
Immediate Actions by March 31, 2009 * The IMF, expanded FSF, and other regulators and bodies should develop recommendations to mitigate pro-cyclicality, including the review of how valuation and leverage, bank capital, executive compensation, and provisioning practices may exacerbate cyclical trends.
Medium-term actions * To the extent countries or regions have not already done so, each country or region pledges to review and report on the structure and principles of its regulatory system to ensure it is compatible with a modern and increasingly globalized financial system. To this end, all G-20 members commit to undertake a Financial Sector Assessment Program (FSAP) report and support the transparent assessments of countries' national regulatory systems. * The appropriate bodies should review the differentiated nature of regulation in the banking, securities, and insurance sectors and provide a report outlining the issue and making recommendations on needed improvements. A review of the scope of financial regulation, with a special emphasis on institutions, instruments, and markets that are currently unregulated, along with ensuring that all systemically-important institutions are appropriately regulated, should also be undertaken. * National and regional authorities should review resolution regimes and bankruptcy laws in light of recent experience to ensure that they permit an orderly wind-down of large complex cross-border financial institutions. * Definitions of capital should be harmonized in order to achieve consistent measures of capital and capital adequacy.
Prudential Oversight
Immediate Actions by March 31, 2009 * Regulators should take steps to ensure that credit rating agencies meet the highest standards of the international organization of securities regulators and that they avoid conflicts of interest, provide greater disclosure to investors and to issuers, and differentiate ratings for complex products. This will help ensure that credit rating agencies have the right incentives and appropriate oversight to enable them to perform their important role in providing unbiased information and assessments to markets. * The international organization of securities regulators should review credit rating agencies' adoption of the standards and mechanisms for monitoring compliance. * Authorities should ensure that financial institutions maintain adequate capital in amounts necessary to sustain confidence. International standard setters should set out strengthened capital requirements for banks' structured credit and securitization activities.
* Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should: speed efforts to reduce the systemic risks of CDS and over-the-counter (OTC) derivatives transactions; insist that market participants support exchange traded or electronic trading platforms for CDS contracts; expand OTC derivatives market transparency; and ensure that the infrastructure for OTC derivatives can support growing volumes.
Medium-term actions * Credit Ratings Agencies that provide public ratings should be registered. * Supervisors and central banks should develop robust and internationally consistent approaches for liquidity supervision of, and central bank liquidity operations for, cross-border banks.
Risk Management
Immediate Actions by March 31, 2009 * Regulators should develop enhanced guidance to strengthen banks' risk management practices, in line with international best practices, and should encourage financial firms to reexamine their internal controls and implement strengthened policies for sound risk management. * Regulators should develop and implement procedures to ensure that financial firms implement policies to better manage liquidity risk, including by creating strong liquidity cushions. * Supervisors should ensure that financial firms develop processes that provide for timely and comprehensive measurement of risk concentrations and large counterparty risk positions across products and geographies. * Firms should reassess their risk management models to guard against stress and report to supervisors on their efforts. * The Basel Committee should study the need for and help develop firms' new stress testing models, as appropriate. * Financial institutions should have clear internal incentives to promote stability, and action needs to be taken, through voluntary effort or regulatory action, to avoid compensation schemes which reward excessive short-term returns or risk taking. * Banks should exercise effective risk management and due diligence over structured products and securitization.
Medium -term actions * International standard setting bodies, working with a broad range of economies and other appropriate bodies, should ensure that regulatory policy makers are aware and able to respond rapidly to evolution and innovation in financial markets and products.
* Authorities should monitor substantial changes in asset prices and their implications for the macroeconomy and the financial system.
Promoting Integrity in Financial Markets
Immediate Actions by March 31, 2009 * Our national and regional authorities should work together to enhance regulatory cooperation between jurisdictions on a regional and international level. * National and regional authorities should work to promote information sharing about domestic and cross-border threats to market stability and ensure that national (or regional, where applicable) legal provisions are adequate to address these threats. * National and regional authorities should also review business conduct rules to protect markets and investors, especially against market manipulation and fraud and strengthen their cross-border cooperation to protect the international financial system from illicit actors. In case of misconduct, there should be an appropriate sanctions regime.
Medium -term actions * National and regional authorities should implement national and international measures that protect the global financial system from uncooperative and non-transparent jurisdictions that pose risks of illicit financial activity. * The Financial Action Task Force should continue its important work against money laundering and terrorist financing, and we support the efforts of the World Bank - UN Stolen Asset Recovery (StAR) Initiative. * Tax authorities, drawing upon the work of relevant bodies such as the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. Lack of transparency and a failure to exchange tax information should be vigorously addressed.
Reinforcing International Cooperation
Immediate Actions by March 31, 2009 * Supervisors should collaborate to establish supervisory colleges for all major cross-border financial institutions, as part of efforts to strengthen the surveillance of cross-border firms. Major global banks should meet regularly with their supervisory college for comprehensive discussions of the firm's activities and assessment of the risks it faces. * Regulators should take all steps necessary to strengthen cross-border crisis management arrangements, including on cooperation and communication with each other and with appropriate authorities, and develop comprehensive contact lists and conduct simulation exercises, as appropriate.
Medium -term actions * Authorities, drawing especially on the work of regulators, should collect information on areas where convergence in regulatory practices such as accounting standards, auditing, and deposit insurance is making progress, is in need of accelerated progress, or where there may be potential for progress. * Authorities should ensure that temporary measures to restore stability and confidence have minimal distortions and are unwound in a timely, well-sequenced and coordinated manner.
Reforming International Financial Institutions
Immediate Actions by March 31, 2009 * The FSF should expand to a broader membership of emerging economies. * The IMF, with its focus on surveillance, and the expanded FSF, with its focus on standard setting, should strengthen their collaboration, enhancing efforts to better integrate regulatory and supervisory responses into the macro-prudential policy framework and conduct early warning exercises. * The IMF, given its universal membership and core macro-financial expertise, should, in close coordination with the FSF and others, take a leading role in drawing lessons from the current crisis, consistent with its mandate. * We should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary. The IFIs should also continue to review and adapt their lending instruments to adequately meet their members' needs and revise their lending role in the light of the ongoing financial crisis. * We should explore ways to restore emerging and developing countries' access to credit and resume private capital flows which are critical for sustainable growth and development, including ongoing infrastructure investment. * In cases where severe market disruptions have limited access to the necessary financing for counter-cyclical fiscal policies, multilateral development banks must ensure arrangements are in place to support, as needed, those countries with a good track record and sound policies.
Medium -term actions * We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges. Emerging and developing economies should have greater voice and representation in these institutions. * The IMF should conduct vigorous and even-handed surveillance reviews of all countries, as well as giving greater attention to their financial sectors and better integrating the reviews with the joint IMF/World Bank financial sector assessment programs. On this basis, the role of the IMF in providing macro-financial policy advice would be strengthened. * Advanced economies, the IMF, and other international organizations should provide capacity-building programs for emerging market economies and developing countries on the formulation and the implementation of new major regulations, consistent with international standards.
1. We, the Leaders of the Group of Twenty, held an initial meeting in Washington on November 15, 2008, amid serious challenges to the world economy and financial markets. We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems.
2. Over the past months our countries have taken urgent and exceptional measures to support the global economy and stabilize financial markets. These efforts must continue. At the same time, we must lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again. Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, and entrepreneurship that are essential for economic growth, employment, and poverty reduction.
Root Causes of the Current Crisis
3. During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.
4. Major underlying factors to the current situation were, among others, inconsistent and insufficiently coordinated macroeconomic policies, inadequate structural reforms, which led to unsustainable global macroeconomic outcomes. These developments, together, contributed to excesses and ultimately resulted in severe market disruption.
Actions Taken and to Be Taken
5. We have taken strong and significant actions to date to stimulate our economies, provide liquidity, strengthen the capital of financial institutions, protect savings and deposits, address regulatory deficiencies, unfreeze credit markets, and are working to ensure that international financial institutions (IFIs) can provide critical support for the global economy.
6. But more needs to be done to stabilize financial markets and support economic growth. Economic momentum is slowing substantially in major economies and the global outlook has weakened. Many emerging market economies, which helped sustain
the world economy this decade, are still experiencing good growth but increasingly are being adversely impacted by the worldwide slowdown.
7. Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries. As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will:
* Continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system. * Recognize the importance of monetary policy support, as deemed appropriate to domestic conditions. * Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conducive to fiscal sustainability. * Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. We stress the International Monetary Fund's (IMF) important role in crisis response, welcome its new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility. * Encourage the World Bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda, and we welcome the recent introduction of new facilities by the World Bank in the areas of infrastructure and trade finance. * Ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.
Common Principles for Reform of Financial Markets
8. In addition to the actions taken above, we will implement reforms that will strengthen financial markets and regulatory regimes so as to avoid future crises. Regulation is first and foremost the responsibility of national regulators who constitute the first line of defense against market instability. However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability. Regulators must ensure that their actions support market discipline, avoid potentially adverse impacts on other countries, including regulatory arbitrage, and support competition, dynamism and innovation in the marketplace. Financial institutions must also bear their responsibility for the turmoil and should do their part to overcome it including by recognizing losses, improving disclosure and strengthening their governance and risk management practices.
9. We commit to implementing policies consistent with the following common principles for reform.
* Strengthening Transparency and Accountability: We will strengthen financial market transparency, including by enhancing required disclosure on complex financial products and ensuring complete and accurate disclosure by firms of their financial conditions. Incentives should be aligned to avoid excessive risk-taking.
* Enhancing Sound Regulation: We pledge to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances. We will exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct. We will also make regulatory regimes more effective over the economic cycle, while ensuring that regulation is efficient, does not stifle innovation, and encourages expanded trade in financial products and services. We commit to transparent assessments of our national regulatory systems.
* Promoting Integrity in Financial Markets: We commit to protect the integrity of the world's financial markets by bolstering investor and consumer protection, avoiding conflicts of interest, preventing illegal market manipulation, fraudulent activities and abuse, and protecting against illicit finance risks arising from non-cooperative jurisdictions. We will also promote information sharing, including with respect to jurisdictions that have yet to commit to international standards with respect to bank secrecy and transparency.
* Reinforcing International Cooperation: We call upon our national and regional regulators to formulate their regulations and other measures in a consistent manner. Regulators should enhance their coordination and cooperation across all segments of financial markets, including with respect to cross-border capital flows. Regulators and other relevant authorities as a matter of priority should strengthen cooperation on crisis prevention, management, and resolution.
* Reforming International Financial Institutions: We are committed to advancing the reform of the Bretton Woods Institutions so that they can more adequately reflect changing economic weights in the world economy in order to increase their legitimacy and effectiveness. In this respect, emerging and developing economies, including the poorest countries, should have greater voice and representation. The Financial Stability Forum (FSF) must expand urgently to a broader membership of emerging economies, and other major standard setting bodies should promptly review their membership. The IMF, in collaboration with the expanded FSF and other bodies, should work to better identify vulnerabilities, anticipate potential stresses, and act swiftly to play a key role in crisis response.
Tasking of Ministers and Experts
10. We are committed to taking rapid action to implement these principles. We instruct our Finance Ministers, as coordinated by their 2009 G-20 leadership (Brazil, UK, Republic of Korea), to initiate processes and a timeline to do so. An initial list of specific measures is set forth in the attached Action Plan, including high priority actions to be completed prior to March 31, 2009.
In consultation with other economies and existing bodies, drawing upon the recommendations of such eminent independent experts as they may appoint, we request our Finance Ministers to formulate additional recommendations, including in the following specific areas:
* Mitigating against pro-cyclicality in regulatory policy; * Reviewing and aligning global accounting standards, particularly for complex securities in times of stress; * Strengthening the resilience and transparency of credit derivatives markets and reducing their systemic risks, including by improving the infrastructure of over-the-counter markets; * Reviewing compensation practices as they relate to incentives for risk taking and innovation; * Reviewing the mandates, governance, and resource requirements of the IFIs; and * Defining the scope of systemically important institutions and determining their appropriate regulation or oversight.
11. In view of the role of the G-20 in financial systems reform, we will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today.
Commitment to an Open Global Economy
12. We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems. These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living. Recognizing the necessity to improve financial sector regulation, we must avoid over-regulation that would hamper economic growth and exacerbate the contraction of capital flows, including to developing countries.
13. We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome.
14. We are mindful of the impact of the current crisis on developing countries, particularly the most vulnerable. We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development.
15. We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease.
16. As we move forward, we are confident that through continued partnership, cooperation, and multilateralism, we will overcome the challenges before us and restore stability and prosperity to the world economy.
Action Plan to Implement Principles for Reform
This Action Plan sets forth a comprehensive work plan to implement the five agreed principles for reform. Our finance ministers will work to ensure that the taskings set forth in this Action Plan are fully and vigorously implemented. They are responsible for the development and implementation of these recommendations drawing on the ongoing work of relevant bodies, including the International Monetary Fund (IMF), an expanded Financial Stability Forum (FSF), and standard setting bodies.
Strengthening Transparency and Accountability
Immediate Actions by March 31, 2009 * The key global accounting standards bodies should work to enhance guidance for valuation of securities, also taking into account the valuation of complex, illiquid products, especially during times of stress. * Accounting standard setters should significantly advance their work to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. * Regulators and accounting standard setters should enhance the required disclosure of complex financial instruments by firms to market participants. * With a view toward promoting financial stability, the governance of the international accounting standard setting body should be further enhanced, including by undertaking a review of its membership, in particular in order to ensure transparency, accountability, and an appropriate relationship between this independent body and the relevant authorities. * Private sector bodies that have already developed best practices for private pools of capital and/or hedge funds should bring forward proposals for a set of unified best practices. Finance Ministers should assess the adequacy of these proposals, drawing upon the analysis of regulators, the expanded FSF, and other relevant bodies.
Medium-term actions * The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard. * Regulators, supervisors, and accounting standard setters, as appropriate, should work with each other and the private sector on an ongoing basis to ensure consistent application and enforcement of high-quality accounting standards. * Financial institutions should provide enhanced risk disclosures in their reporting and disclose all losses on an ongoing basis, consistent with international best practice, as appropriate. Regulators should work to ensure that a financial institution' financial statements include a complete, accurate, and timely picture of the firm's activities (including off-balance sheet activities) and are reported on a consistent and regular basis.
Enhancing Sound Regulation
Regulatory Regimes
Immediate Actions by March 31, 2009 * The IMF, expanded FSF, and other regulators and bodies should develop recommendations to mitigate pro-cyclicality, including the review of how valuation and leverage, bank capital, executive compensation, and provisioning practices may exacerbate cyclical trends.
Medium-term actions * To the extent countries or regions have not already done so, each country or region pledges to review and report on the structure and principles of its regulatory system to ensure it is compatible with a modern and increasingly globalized financial system. To this end, all G-20 members commit to undertake a Financial Sector Assessment Program (FSAP) report and support the transparent assessments of countries' national regulatory systems. * The appropriate bodies should review the differentiated nature of regulation in the banking, securities, and insurance sectors and provide a report outlining the issue and making recommendations on needed improvements. A review of the scope of financial regulation, with a special emphasis on institutions, instruments, and markets that are currently unregulated, along with ensuring that all systemically-important institutions are appropriately regulated, should also be undertaken. * National and regional authorities should review resolution regimes and bankruptcy laws in light of recent experience to ensure that they permit an orderly wind-down of large complex cross-border financial institutions. * Definitions of capital should be harmonized in order to achieve consistent measures of capital and capital adequacy.
Prudential Oversight
Immediate Actions by March 31, 2009 * Regulators should take steps to ensure that credit rating agencies meet the highest standards of the international organization of securities regulators and that they avoid conflicts of interest, provide greater disclosure to investors and to issuers, and differentiate ratings for complex products. This will help ensure that credit rating agencies have the right incentives and appropriate oversight to enable them to perform their important role in providing unbiased information and assessments to markets. * The international organization of securities regulators should review credit rating agencies' adoption of the standards and mechanisms for monitoring compliance. * Authorities should ensure that financial institutions maintain adequate capital in amounts necessary to sustain confidence. International standard setters should set out strengthened capital requirements for banks' structured credit and securitization activities.
* Supervisors and regulators, building on the imminent launch of central counterparty services for credit default swaps (CDS) in some countries, should: speed efforts to reduce the systemic risks of CDS and over-the-counter (OTC) derivatives transactions; insist that market participants support exchange traded or electronic trading platforms for CDS contracts; expand OTC derivatives market transparency; and ensure that the infrastructure for OTC derivatives can support growing volumes.
Medium-term actions * Credit Ratings Agencies that provide public ratings should be registered. * Supervisors and central banks should develop robust and internationally consistent approaches for liquidity supervision of, and central bank liquidity operations for, cross-border banks.
Risk Management
Immediate Actions by March 31, 2009 * Regulators should develop enhanced guidance to strengthen banks' risk management practices, in line with international best practices, and should encourage financial firms to reexamine their internal controls and implement strengthened policies for sound risk management. * Regulators should develop and implement procedures to ensure that financial firms implement policies to better manage liquidity risk, including by creating strong liquidity cushions. * Supervisors should ensure that financial firms develop processes that provide for timely and comprehensive measurement of risk concentrations and large counterparty risk positions across products and geographies. * Firms should reassess their risk management models to guard against stress and report to supervisors on their efforts. * The Basel Committee should study the need for and help develop firms' new stress testing models, as appropriate. * Financial institutions should have clear internal incentives to promote stability, and action needs to be taken, through voluntary effort or regulatory action, to avoid compensation schemes which reward excessive short-term returns or risk taking. * Banks should exercise effective risk management and due diligence over structured products and securitization.
Medium -term actions * International standard setting bodies, working with a broad range of economies and other appropriate bodies, should ensure that regulatory policy makers are aware and able to respond rapidly to evolution and innovation in financial markets and products.
* Authorities should monitor substantial changes in asset prices and their implications for the macroeconomy and the financial system.
Promoting Integrity in Financial Markets
Immediate Actions by March 31, 2009 * Our national and regional authorities should work together to enhance regulatory cooperation between jurisdictions on a regional and international level. * National and regional authorities should work to promote information sharing about domestic and cross-border threats to market stability and ensure that national (or regional, where applicable) legal provisions are adequate to address these threats. * National and regional authorities should also review business conduct rules to protect markets and investors, especially against market manipulation and fraud and strengthen their cross-border cooperation to protect the international financial system from illicit actors. In case of misconduct, there should be an appropriate sanctions regime.
Medium -term actions * National and regional authorities should implement national and international measures that protect the global financial system from uncooperative and non-transparent jurisdictions that pose risks of illicit financial activity. * The Financial Action Task Force should continue its important work against money laundering and terrorist financing, and we support the efforts of the World Bank - UN Stolen Asset Recovery (StAR) Initiative. * Tax authorities, drawing upon the work of relevant bodies such as the Organization for Economic Cooperation and Development (OECD), should continue efforts to promote tax information exchange. Lack of transparency and a failure to exchange tax information should be vigorously addressed.
Reinforcing International Cooperation
Immediate Actions by March 31, 2009 * Supervisors should collaborate to establish supervisory colleges for all major cross-border financial institutions, as part of efforts to strengthen the surveillance of cross-border firms. Major global banks should meet regularly with their supervisory college for comprehensive discussions of the firm's activities and assessment of the risks it faces. * Regulators should take all steps necessary to strengthen cross-border crisis management arrangements, including on cooperation and communication with each other and with appropriate authorities, and develop comprehensive contact lists and conduct simulation exercises, as appropriate.
Medium -term actions * Authorities, drawing especially on the work of regulators, should collect information on areas where convergence in regulatory practices such as accounting standards, auditing, and deposit insurance is making progress, is in need of accelerated progress, or where there may be potential for progress. * Authorities should ensure that temporary measures to restore stability and confidence have minimal distortions and are unwound in a timely, well-sequenced and coordinated manner.
Reforming International Financial Institutions
Immediate Actions by March 31, 2009 * The FSF should expand to a broader membership of emerging economies. * The IMF, with its focus on surveillance, and the expanded FSF, with its focus on standard setting, should strengthen their collaboration, enhancing efforts to better integrate regulatory and supervisory responses into the macro-prudential policy framework and conduct early warning exercises. * The IMF, given its universal membership and core macro-financial expertise, should, in close coordination with the FSF and others, take a leading role in drawing lessons from the current crisis, consistent with its mandate. * We should review the adequacy of the resources of the IMF, the World Bank Group and other multilateral development banks and stand ready to increase them where necessary. The IFIs should also continue to review and adapt their lending instruments to adequately meet their members' needs and revise their lending role in the light of the ongoing financial crisis. * We should explore ways to restore emerging and developing countries' access to credit and resume private capital flows which are critical for sustainable growth and development, including ongoing infrastructure investment. * In cases where severe market disruptions have limited access to the necessary financing for counter-cyclical fiscal policies, multilateral development banks must ensure arrangements are in place to support, as needed, those countries with a good track record and sound policies.
Medium -term actions * We underscored that the Bretton Woods Institutions must be comprehensively reformed so that they can more adequately reflect changing economic weights in the world economy and be more responsive to future challenges. Emerging and developing economies should have greater voice and representation in these institutions. * The IMF should conduct vigorous and even-handed surveillance reviews of all countries, as well as giving greater attention to their financial sectors and better integrating the reviews with the joint IMF/World Bank financial sector assessment programs. On this basis, the role of the IMF in providing macro-financial policy advice would be strengthened. * Advanced economies, the IMF, and other international organizations should provide capacity-building programs for emerging market economies and developing countries on the formulation and the implementation of new major regulations, consistent with international standards.
Wednesday, September 17, 2008
CUA, Knights of Columbus Dedicate Campus Building
The heart of Catholic University’s campus was reborn Monday, Sept. 8, as McGivney Hall was dedicated in a ceremony attended by members of the CUA and John Paul II Institute community and the Knights of Columbus.
Most Rev. Donald W. Wuerl, archbishop of Washington and chancellor of Catholic University; Most Rev. William E. Lori, bishop of Bridgeport, Conn., and chairman of CUA’s Board of Trustees; Very Rev. David M. O’Connell, C.M., president of Catholic University; and Carl A. Anderson, Supreme Knight of the Knights of Columbus, abd David L. Schindler, Dean of the John Paul II Institute participated in a program that included the blessing of the building and remarks and prayers for the occasion.
The Knights of Columbus, a Catholic fraternal organization with deep historical ties to CUA, and whose Supreme Knight Carl A. Anderson served as founding dean, donated $8 million to renovate the building, which is named in honor of Knights founder Rev. Michael J. McGivney.
The limestone McGivney Hall, vacant for a dozen years, is the new home to the Pontifical John Paul II Institute for Studies on Marriage and Family, a graduate school of theology affiliated with both CUA and the Pontifical Lateran University in Rome.
Most Rev. Donald W. Wuerl, archbishop of Washington and chancellor of Catholic University; Most Rev. William E. Lori, bishop of Bridgeport, Conn., and chairman of CUA’s Board of Trustees; Very Rev. David M. O’Connell, C.M., president of Catholic University; and Carl A. Anderson, Supreme Knight of the Knights of Columbus, abd David L. Schindler, Dean of the John Paul II Institute participated in a program that included the blessing of the building and remarks and prayers for the occasion.
The Knights of Columbus, a Catholic fraternal organization with deep historical ties to CUA, and whose Supreme Knight Carl A. Anderson served as founding dean, donated $8 million to renovate the building, which is named in honor of Knights founder Rev. Michael J. McGivney.
The limestone McGivney Hall, vacant for a dozen years, is the new home to the Pontifical John Paul II Institute for Studies on Marriage and Family, a graduate school of theology affiliated with both CUA and the Pontifical Lateran University in Rome.
Wednesday, April 23, 2008
Friday, April 11, 2008
Benedict's Message to the United States
"I Am Coming, Sent by Jesus Christ, to Bring You His Word of Life"
Here is the text of the video-message that Benedict XVI sent to the people of the United States on the occasion of his imminent visit to Washington, D.C., and New York. His visit will take place April 15-20.
* * *
Dear Brothers and Sisters in the United States of America,
The grace and peace of God our Father and the Lord Jesus Christ be with all of you! In just a few days from now, I shall begin my apostolic visit to your beloved country. Before setting off, I would like to offer you a heartfelt greeting and an invitation to prayer. As you know, I shall only be able to visit two cities: Washington and New York. The intention behind my visit, though, is to reach out spiritually to all Catholics in the United States. At the same time, I earnestly hope that my presence among you will be seen as a fraternal gesture towards every ecclesial community, and a sign of friendship for members of other religious traditions and all men and women of good will. The risen Lord entrusted the Apostles and the Church with his Gospel of love and peace, and his intention in doing so was that the message should be passed on to all peoples.
At this point I should like to add some words of thanks, because I am conscious that many people have been working hard for a long time, both in Church circles and in the public services, to prepare for my journey. I am especially grateful to all who have been praying for the success of the visit, since prayer is the most important element of all. Dear friends, I say this because I am convinced that without the power of prayer, without that intimate union with the Lord, our human endeavours would achieve very little. Indeed this is what our faith teaches us. It is God who saves us, he saves the world, and all of history. He is the Shepherd of his people. I am coming, sent by Jesus Christ, to bring you his word of life.
Together with your Bishops, I have chosen as the theme of my journey three simple but essential words: "Christ our hope". Following in the footsteps of my venerable predecessors, Paul VI and John Paul II, I shall come to United States of America as Pope for the first time, to proclaim this great truth: Jesus Christ is hope for men and women of every language, race, culture and social condition. Yes, Christ is the face of God present among us. Through him, our lives reach fullness, and together, both as individuals and peoples, we can become a family united by fraternal love, according to the eternal plan of God the Father. I know how deeply rooted this Gospel message is in your country. I am coming to share it with you, in a series of celebrations and gatherings. I shall also bring the message of Christian hope to the great Assembly of the United Nations, to the representatives of all the peoples of the world.
Indeed, the world has greater need of hope than ever: hope for peace, for justice, and for freedom, but this hope can never be fulfilled without obedience to the law of God, which Christ brought to fulfillment in the commandment to love one another. Do to others as you would have them do to you, and avoid doing what you would not want them to do. This "golden rule" is given in the Bible, but it is valid for all people, including non-believers. It is the law written on the human heart; on this we can all agree, so that when we come to address other matters we can do so in a positive and constructive manner for the entire human community.
[The Pope continued in Spanish]
I direct a cordial greeting to Spanish-speaking Catholics and manifest my spiritual closeness, in particular to the youth, the ill, the elderly and those who are in moments of difficulty of feel themselves in need. I express my heartfelt desire to be with you soon in this beloved nation. In the meantime, I encourage you to pray intensely for the pastoral fruits of my imminent apostolic trip and to keep high the flame of hope in the resurrected Christ.
Dear brothers and sisters, dear friends in the United States, I am very much looking forward to being with you. I want you to know that, even if my itinerary is short, with just a few engagements, my heart is close to all of you, especially to the sick, the weak, and the lonely. I thank you once again for your prayerful support of my mission. I reach out to every one of you with affection, and I invoke upon you the maternal protection of the Blessed Virgin Mary.
Que la Virgen María les acompañe y proteja. Que Dios les bendiga. [May the Virgen Mary accompany and protect you. May God bless you.]
Here is the text of the video-message that Benedict XVI sent to the people of the United States on the occasion of his imminent visit to Washington, D.C., and New York. His visit will take place April 15-20.
* * *
Dear Brothers and Sisters in the United States of America,
The grace and peace of God our Father and the Lord Jesus Christ be with all of you! In just a few days from now, I shall begin my apostolic visit to your beloved country. Before setting off, I would like to offer you a heartfelt greeting and an invitation to prayer. As you know, I shall only be able to visit two cities: Washington and New York. The intention behind my visit, though, is to reach out spiritually to all Catholics in the United States. At the same time, I earnestly hope that my presence among you will be seen as a fraternal gesture towards every ecclesial community, and a sign of friendship for members of other religious traditions and all men and women of good will. The risen Lord entrusted the Apostles and the Church with his Gospel of love and peace, and his intention in doing so was that the message should be passed on to all peoples.
At this point I should like to add some words of thanks, because I am conscious that many people have been working hard for a long time, both in Church circles and in the public services, to prepare for my journey. I am especially grateful to all who have been praying for the success of the visit, since prayer is the most important element of all. Dear friends, I say this because I am convinced that without the power of prayer, without that intimate union with the Lord, our human endeavours would achieve very little. Indeed this is what our faith teaches us. It is God who saves us, he saves the world, and all of history. He is the Shepherd of his people. I am coming, sent by Jesus Christ, to bring you his word of life.
Together with your Bishops, I have chosen as the theme of my journey three simple but essential words: "Christ our hope". Following in the footsteps of my venerable predecessors, Paul VI and John Paul II, I shall come to United States of America as Pope for the first time, to proclaim this great truth: Jesus Christ is hope for men and women of every language, race, culture and social condition. Yes, Christ is the face of God present among us. Through him, our lives reach fullness, and together, both as individuals and peoples, we can become a family united by fraternal love, according to the eternal plan of God the Father. I know how deeply rooted this Gospel message is in your country. I am coming to share it with you, in a series of celebrations and gatherings. I shall also bring the message of Christian hope to the great Assembly of the United Nations, to the representatives of all the peoples of the world.
Indeed, the world has greater need of hope than ever: hope for peace, for justice, and for freedom, but this hope can never be fulfilled without obedience to the law of God, which Christ brought to fulfillment in the commandment to love one another. Do to others as you would have them do to you, and avoid doing what you would not want them to do. This "golden rule" is given in the Bible, but it is valid for all people, including non-believers. It is the law written on the human heart; on this we can all agree, so that when we come to address other matters we can do so in a positive and constructive manner for the entire human community.
[The Pope continued in Spanish]
I direct a cordial greeting to Spanish-speaking Catholics and manifest my spiritual closeness, in particular to the youth, the ill, the elderly and those who are in moments of difficulty of feel themselves in need. I express my heartfelt desire to be with you soon in this beloved nation. In the meantime, I encourage you to pray intensely for the pastoral fruits of my imminent apostolic trip and to keep high the flame of hope in the resurrected Christ.
Dear brothers and sisters, dear friends in the United States, I am very much looking forward to being with you. I want you to know that, even if my itinerary is short, with just a few engagements, my heart is close to all of you, especially to the sick, the weak, and the lonely. I thank you once again for your prayerful support of my mission. I reach out to every one of you with affection, and I invoke upon you the maternal protection of the Blessed Virgin Mary.
Que la Virgen María les acompañe y proteja. Que Dios les bendiga. [May the Virgen Mary accompany and protect you. May God bless you.]
Tuesday, January 29, 2008
CUA Students Design Altar Pope Will Use in US
Students Design Altar Pope Will Use in US
Congratulations JP and Ryan. I send best wishes from Canada, it was great getting to know you through the CUA Knights of Columbus.
WASHINGTON, D.C., - Two architecture students at Catholic University designed the altar, ambo and chair Benedict XVI will use to celebrate Mass in the U.S. capitolJohn-Paul Mikolajczyk and Ryan Mullen, both candidates in the master's program at Catholic University's School of Architecture and Planning, were the winners of the contest to design the structures to be used at the April 17 Mass at Nationals Park.
The 10-by-4 foot papal altar has a substantial top with a repeating pattern of decorative parabolic arches beneath it and a smaller base.The front of the pulpit where the Gospel will be read is adorned with images of the Bible and the Holy Trinity. The tall chair back is decorated with Benedict XVI's papal coat of arms.At Monday's unveiling of the design, Archbishop Donald Wuerl of Washington said that the design is "a tribute to this school of architecture, Catholic University and the quality of students here. […] All those people are going to be looking at this and you'll be able to say, 'He's standing at my altar.'
"Mikolajczyk and Mullen will work with architecture faculty and the Archdiocese of Washington to fine-tune the design and actually construct the altar and the other furnishings.The designers explained that for inspiration, they spent an afternoon at the Basilica of the National Shrine of the Immaculate Conception studying the altar furnishings."We wanted to incorporate elements that would remind us of Christ's active presence and work in the liturgy," said Mikolajczyk.
Students, working individually or in teams of up to four people, prepared their models and drawings over a few days of work between Jan. 18 and Jan. 23. The entries were judged Jan. 24.
Congratulations JP and Ryan. I send best wishes from Canada, it was great getting to know you through the CUA Knights of Columbus.
WASHINGTON, D.C., - Two architecture students at Catholic University designed the altar, ambo and chair Benedict XVI will use to celebrate Mass in the U.S. capitolJohn-Paul Mikolajczyk and Ryan Mullen, both candidates in the master's program at Catholic University's School of Architecture and Planning, were the winners of the contest to design the structures to be used at the April 17 Mass at Nationals Park.
The 10-by-4 foot papal altar has a substantial top with a repeating pattern of decorative parabolic arches beneath it and a smaller base.The front of the pulpit where the Gospel will be read is adorned with images of the Bible and the Holy Trinity. The tall chair back is decorated with Benedict XVI's papal coat of arms.At Monday's unveiling of the design, Archbishop Donald Wuerl of Washington said that the design is "a tribute to this school of architecture, Catholic University and the quality of students here. […] All those people are going to be looking at this and you'll be able to say, 'He's standing at my altar.'
"Mikolajczyk and Mullen will work with architecture faculty and the Archdiocese of Washington to fine-tune the design and actually construct the altar and the other furnishings.The designers explained that for inspiration, they spent an afternoon at the Basilica of the National Shrine of the Immaculate Conception studying the altar furnishings."We wanted to incorporate elements that would remind us of Christ's active presence and work in the liturgy," said Mikolajczyk.
Students, working individually or in teams of up to four people, prepared their models and drawings over a few days of work between Jan. 18 and Jan. 23. The entries were judged Jan. 24.
Saturday, September 22, 2007
Update from Saint John
Update from Saint John
September 22, 2007
John Roderick
Dear Quincy and friends,
Good morning from beautiful Saint John, New Brunswick.
It has been one month since I returned to Washington, DC to gather up my belongings and say my farewells to you, my beloved roommates from the Quincy Street House. I visit the website every once and a while to get either my weekly or every other week update regarding life and the many events Quincy is hosting. Thanks so much for keeping me on the email list, and for changing my status on the links page to former roommate. It is quite fitting.
I have completed my first week of teaching at Saint Malachy’s High School in Saint John, NB. I graduated from the school in 2001 and many of my former teachers and support staff remain teaching and working at the school. I have many fond memories of my high school years and am happy to be back on the other side of the coin teaching and be in a leadership role. As mentioned, this past week was my first week in the school and I am teaching the grade 9 Core French program. The teacher who was initially hired quit during the first week to take another job and left the position vacant for the school and the local school district to find a replacement. I may be offered the position which would be quite exciting. I would like to take the position if it is offered, even knowing that it is going to be very difficult. However, I think it is going to be a great learning experience (Nathan, I have much more compassion for you and your teaching experience in DC).
I frequently wonder how my boys are doing at Quincy, whether they are getting up to go to Mass at the Poor Clares and having breakfast together; whether CW has been cooking his chicken-sausage pasta dish, whether NC and PH are still staying up late drinking (well. I am pretty I know the answer), whether EB is talking about “being as gift”, whether JL is still playing that same video game, whether JK is enjoying his first semester of teaching philosophy. Whether AL is mixing up some of his fantastic coffee cake and working on his website. All in all, I hope you are all “stepin it up”, or will begin to. Gentlemen, you are all deeply missed, the community and friendship we shared together for the last two years was awesome. You have all taught me a lot, and have helped form me into who I am today.
What have I been up to? “Steppin’ it up” of course!
I have taken on the leadership role of CL “School of Community” group in Saint John, it is a wonderful companionship. It involves a lot of time with the texts of Giussani but I thoroughly enjoy it as you know. I miss your occasional teasing of the CL jargon, but know if and when I return to Quincy I will get my usual dose.
I am attempting to start a Communio Study Circle in Saint John as well. There is interest from about a dozen people and we are going to start with a text by Cardinal Ratzinger celebrating the 20th Anniversary of the founding of the review. It is a great text, as I am sure both CW and EB can attest. Please keep these initiatives and my family and friends in your prayers.
I would like to return at some point during the year to visit, maybe Thanksgiving or Easter. Hopefully, it will be a time when we can be together for at least a weekend and maybe longer.
Please give my best to all the JPII students and all our many friends from the Coffeehouses and Lord’s Day gatherings.
Sincerely, JR
September 22, 2007
John Roderick
Dear Quincy and friends,
Good morning from beautiful Saint John, New Brunswick.
It has been one month since I returned to Washington, DC to gather up my belongings and say my farewells to you, my beloved roommates from the Quincy Street House. I visit the website every once and a while to get either my weekly or every other week update regarding life and the many events Quincy is hosting. Thanks so much for keeping me on the email list, and for changing my status on the links page to former roommate. It is quite fitting.
I have completed my first week of teaching at Saint Malachy’s High School in Saint John, NB. I graduated from the school in 2001 and many of my former teachers and support staff remain teaching and working at the school. I have many fond memories of my high school years and am happy to be back on the other side of the coin teaching and be in a leadership role. As mentioned, this past week was my first week in the school and I am teaching the grade 9 Core French program. The teacher who was initially hired quit during the first week to take another job and left the position vacant for the school and the local school district to find a replacement. I may be offered the position which would be quite exciting. I would like to take the position if it is offered, even knowing that it is going to be very difficult. However, I think it is going to be a great learning experience (Nathan, I have much more compassion for you and your teaching experience in DC).
I frequently wonder how my boys are doing at Quincy, whether they are getting up to go to Mass at the Poor Clares and having breakfast together; whether CW has been cooking his chicken-sausage pasta dish, whether NC and PH are still staying up late drinking (well. I am pretty I know the answer), whether EB is talking about “being as gift”, whether JL is still playing that same video game, whether JK is enjoying his first semester of teaching philosophy. Whether AL is mixing up some of his fantastic coffee cake and working on his website. All in all, I hope you are all “stepin it up”, or will begin to. Gentlemen, you are all deeply missed, the community and friendship we shared together for the last two years was awesome. You have all taught me a lot, and have helped form me into who I am today.
What have I been up to? “Steppin’ it up” of course!
I have taken on the leadership role of CL “School of Community” group in Saint John, it is a wonderful companionship. It involves a lot of time with the texts of Giussani but I thoroughly enjoy it as you know. I miss your occasional teasing of the CL jargon, but know if and when I return to Quincy I will get my usual dose.
I am attempting to start a Communio Study Circle in Saint John as well. There is interest from about a dozen people and we are going to start with a text by Cardinal Ratzinger celebrating the 20th Anniversary of the founding of the review. It is a great text, as I am sure both CW and EB can attest. Please keep these initiatives and my family and friends in your prayers.
I would like to return at some point during the year to visit, maybe Thanksgiving or Easter. Hopefully, it will be a time when we can be together for at least a weekend and maybe longer.
Please give my best to all the JPII students and all our many friends from the Coffeehouses and Lord’s Day gatherings.
Sincerely, JR
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