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Vatican Finances and Cardinal Parolin’s Crisis of Credibility

On Saturday, the ongoing saga of Vatican financial scandal – or reform, if you prefer – continued with the approval of several new changes to Vatican City law on transparency and economic oversight.

It also included the announcement that Cardinal Pietro Parolin will no longer sit on the reconstituted oversight board of the Institute for Works of Religious (IOR), commonly called the Vatican bank – the first time that the Secretary of State will not have a seat. That announcement is one of several indications that the cardinal and his department, both at the center of Church governance for years, may be losing influence and trust with Pope Francis.

Cardinal Parolin has, so far, remained largely aloof from the financial storm surrounding the curial department he leads, while the ongoing investigation has claimed the jobs of at least six former senior officials, and seen a dramatic fall from grace for his former chief deputy, Cardinal Angelo Becciu.

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