Cardinal Marx Sees Need for Action. Are Two Billion Euros Missing in the Vatican?

In the final year of his Pontificate, Pope Francis repeatedly pointed out the Vatican's dramatic deficit. While Cardinal Marx sees a clear need for action, he warns against panic-mongering – and explains what he believes is behind the headline

Munich Cardinal Reinhard Marx rejects reports of deep red figures in the Vatican. "I can't confirm that. The situation isn't as catastrophic as some claim," he said in an interview with the "Süddeutsche Zeitung" (weekend). Earlier this week, the Italian newspaper "Corriere della Sera" reported that the late Pope Francis had left his successor, Leo XIV, with a financial hole of around two billion euros.

At the same time, Marx emphasized that action was needed: Overall, costs must be reduced. As coordinator of the Economic Council for the Holy See's finances, he also stated this in his pre-conclave report to the Cardinals. "One must differentiate: One is Vatican City. There are surpluses there. The other is the Holy See, and I am only responsible for its financial situation. That is difficult because the administration, i.e., all the dicasteries up to the nunciatures, costs a lot of money – and especially because of the pension burdens resulting from demographics, which is something we also know from many states."

"Cautiously optimistic" about the financial issue

When asked whether land and real estate could be sold, the cardinal said this would be "not a sustainable, but rather a short-term, budget consolidation." However, he is not a real estate expert and has also told Pope Francis that this is not the Holy Father's responsibility. However, many things are going better today than they used to. "The crucial thing is that Vatican City and the Vatican Bank (IOR) reliably transfer their profits to the Holy See," Marx warned. "All actors must serve the Pope and his mission, and this is done through the Holy See. Therefore, I am cautiously optimistic about future developments."

Pope Francis repeatedly pointed out the Vatican's dramatic deficit in his final year of Pontificate. The Vatican has not published a regular budget for more than two years.

The Vatican Bank (IOR) has consistently paid a low double-digit million sum in dividends to the Holy See in recent years. The institution is currently considered solid, but does not generate enough income to cover the high salary costs and pension funds for the nearly 5,000 Vatican employees.

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