Natural Law Is Guide for Globalization, Says Bank-of-Italy Official

Antonio Fazio Addresses Meeting of Salesian Provincials

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ROME, DEC. 6, 2004 ( The natural law is the necessary guide for the disordered process of globalization, says the governor of the Bank of Italy.

The Bank of Italy has a function similar to that of the U.S. Federal Reserve Bank, albeit with differences, given the European monetary integration in the euro.

Antonio Fazio made his proposal about natural law on Friday at a conference on «Globalization and Europe» of the European Salesian provincials, taking place at the Salesianum.

According to Italy’s top monetary and financial authority, globalization has resulted in a new transnational economic regime, producing the expansion of welfare, cultures and economic progress.

Yet, it has «not yet created the guidelines, an approach capable of dealing with and regulating higher values: civil, political or social among the peoples of the different continents and nations,» something to which religion, and the Catholic Church in particular, could contribute, Fazio said.

«Globalization needs to be controlled to avoid creating divisions between countries and geographical areas,» the governor said, according to the Salesian International News Agency.

In analyzing the development of the world economy, Fazio warned of the progressive risk of a slide toward a «society seen only in terms of the market.»

«Hyperliberalism is a mistaken response to the mistakes and degeneration of economic collectivism,» he said.

In this context, Fazio highlighted the urgent importance of adopting a universal ethical code for states and citizens, noting that John Paul II is one of its main promoters.

«Natural law properly understood, can provide the basis for legislation,» and the sap for positive guidelines, he contended.

It is «necessary to promote policies that ensure democratic participation, that respect the principles of natural law, and are directed toward respect for man,» he added.

To eliminate the tensions that have arisen in the new process of globalization, Fazio pointed out the need to defend and guarantee «the primary resources of the whole human race: natural resources, the climate, international public order,» but also to defeat «the intolerable scandal» between the North and the South of the world.

«Sustainable development, carried forward by the industrialized countries, is an absolute requirement for the strengthening of the weaker countries,» he stressed.

Antonio Fazio emphasized as fundamental the need to support the efforts of developing countries «making aid provision more coordinated and effective.»

In addition, the governor pointed out the need to «improve educational and health provision for poor countries.»

Above all, «the idea of the person … should be at the heart of what is being done supported by natural law,» he said. «Confusing means and ends must be avoided. The economy must be at the service of man.»

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