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Pope Leo XIV Reverses Financial Centralization, Reshapes Vatican Power

10/6/2025

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Summary

Story summary

Pope Leo XIV canceled the 2022 law centralizing Vatican finances in the Institute for the Works of Religion (IOR).
A new law lets the Holy See use non-Vatican banks if efficient.
The changes recalibrated Vatican power away from Pope Francis, coinciding with a meeting with the Knights of Columbus.
Leo thanked the Knights for efforts, including the baldacchino restoration.

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Story summary

Pope Leo XIV canceled the 2022 law centralizing Vatican finances in the Institute for the Works of Religion (IOR).
A new law lets the Holy See use non-Vatican banks if efficient.
The changes recalibrated Vatican power away from Pope Francis, coinciding with a meeting with the Knights of Columbus.
Leo thanked the Knights for efforts, including the baldacchino restoration.