Economy of the Vatican

This article presents an outline of the economy of the Vatican .

In 2002, the consolidated deficit of the the Vatican rose to 13,5 million Euro S for 216 million euros of receipts. The expenditure is mainly the wages of the 2 600 employees (including approximately 750 ecclesiastics).

In addition to the tourist incomes, the emission of postal stamps and Currency S sought by the collectors and the sale of publications, the incomes come from movable placements (32 million euros of appreciation in 2002) and real estate (12,9 million euros).

Another considerable financial station is the Denier of Saint-Pierre who bordered the 50 million euros in 2002, even if part of this sum only is assigned to the budget of the Vatican. Its origin goes back to the 8th century, when the Anglo-Saxon started to send an annual contribution to the pope. This use extended then to the other countries of Europe and was recognized officially by the pope Pie IX the August 5th 1871 in the Encyclique Sæpe venerabilis . Today still a collection is carried out at the time of “the world day of the charity of the pope”, generally the June 29th. The principal givers are the dioceses of the the United States of America, Germany and Italy.

In the Années 1980 the scandal of the Banco Ambrosiano strongly shook finances of the the Holy See. Roberto Calvi, then director of this banking institution, uses the Institute for works of religion (the IOR, organization under the direct management of the pope in charge of the management of the accounts of religious orders) to bleach the money of the Mafia with the complicity of members of the Curie (in particular Mgr Paul Marcinkus, charged with the organization of the voyages of the pope). In spite of a diversion estimated at 600 million dollar S and several assassinations of the Maffia, the Vatican endeavoured to choke the business and to withdraw Mgr Marcinkus from Italian justice. This lack of transparency will be strongly criticized, in spite of the efforts set up to reform finances vaticanes which uses from now on the services of large financial international catholics like Hans Tietmeyer or Michel Camdessus.

The State of the Vatican City is not member of the European Union, but maintains the close links through its customs officers and monetary with the Italy. Following a new monetary convention between the Italian Republic, in the name of the European Community, and the Vatican City, the latter is authorized since January 1st 1999 to use the Euro like official currency. The Vatican does not have the right to issue tickets in euros, but can strike coins in euros with national face specific to the City starting from January 1st 2002.

In 2004, the State of the Vatican City put in circulation a Pièce commemorative of 2 euros on which figure a diagrammatic representation of the enclosing walls of the City with the Basilique Saint-Pierre with the foreground, at the time of the 75e birthday of the foundation of the Vatican City (75° ANNO DELLO STATO - 1929-2004)

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