Vatican City: Pope Leo XIV has issued a new Apostolic Letter motu proprio titled Coniuncta cura, introducing fresh directives that redefine the governance and management of financial investments across the Holy See. The document, which came into effect upon its publication in L’Osservatore Romano on Monday, seeks to strengthen transparency, collaboration, and accountability in Vatican financial operations.
The new Apostolic Letter incorporates recommendations recently approved by the Council for the Economy and builds on the ongoing financial reforms initiated to ensure the prudent, ethical, and mission-aligned stewardship of Church resources. In his decree, Pope Leo underscores the principle of “co-responsibility in communio,” stressing the need for various Vatican bodies to operate within a unified framework that promotes “mutual collaboration” and shared accountability.
Coniuncta cura repeals a previous rescript issued on August 23, 2022, which had granted the Institute for the Works of Religion (IOR) commonly known as the Vatican Bank exclusive authority over the management and custody of the Holy See’s movable assets. Under the earlier rule, all Vatican entities were required to consolidate their financial holdings within the IOR.
The new framework, however, introduces a more flexible and collaborative structure. It mandates that investment activities of the Holy See must comply with policies established by the Investment Committee, which operates under the principles of the Apostolic Constitution Praedicate Evangelium. The Administration of the Patrimony of the Apostolic See (APSA) will continue to play a central role in financial operations, primarily conducting investments through the IOR. However, the motu proprio allows for exceptions permitting the use of external financial intermediaries abroad if deemed more efficient or advantageous by the competent Vatican authorities.
According to Vatican officials, the reform is designed to promote “strategic coherence and moral responsibility” in managing Church assets, ensuring that all financial activities align with the Holy See’s mission and social teachings.
Issued after expert consultation and extensive review by the Council for the Economy, Coniuncta cura marks a new phase in the Vatican’s economic modernization. It consolidates previously scattered regulations into a cohesive legal framework, reflecting Pope Leo XIV’s commitment to integrity, professionalism, and global accountability in the administration of Church finances.