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Cardinals present pope with proposals for financial reform

Published on Feb 20, 2014 12:51 AM

VATICAN CITY (REUTERS) - Cardinals advising Pope Francis on reforming Vatican finances gave him their proposals on Wednesday with one suggesting a new central economic ministry that would incorporate the Holy See's scandal-plagued bank.

An eight-member advisory board of cardinals from around the world had concluded three days of meetings and reached its conclusions, Vatican spokesman Father Federico Lombardi told reporters at a briefing.

"They have formulated their proposals and now it will be up to the pope to decide which direction to go, to decide what to do," Lombardi said.

The board of cardinals heard reports from two commissions, one on economic affairs in general and another specifically about the Vatican's troubled bank, officially known as the Institute for Works of Religion (IOR).

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