In a move underscoring transparency, collaboration, and faithful stewardship, Pope Leo XIV has issued a new Apostolic Letter motu proprio concerning the financial investment activities of the Holy See. The document, titled Coniuncta cura, was officially promulgated on October 6, 2025, through L’Osservatore Romano, according to Vatican News.
Promoting Co-Responsibility and Unity in Stewardship
At the heart of Coniuncta cura is the principle of what Pope Leo calls “co-responsibility in communio,” a phrase that reflects his vision of collaboration and shared accountability across the Vatican’s financial institutions. According to Vatican News, the Holy Father emphasized that this new guidance aims to consolidate previous norms and “enable everyone to converge in a dynamic of mutual collaboration.”
The Apostolic Letter establishes clearer definitions of the roles and responsibilities of each body involved in managing and investing the Holy See’s financial resources, ensuring unity of purpose rooted in moral responsibility. It reflects Pope Leo’s broader push for transparency and reform; values consistent with the Church’s mission to handle temporal goods with integrity and accountability.
Repealing Earlier Norms for Greater Efficiency
The motu proprio replaces an earlier rescript issued on August 23, 2022, which had required that all financial assets of Vatican institutions be transferred to the Institute for the Works of Religion (IOR), often referred to as the Vatican Bank. According to Vatican News, that earlier regulation had given the IOR “exclusive competence over asset management and custody of all movable assets of the Holy See.”
By repealing that rescript, Coniuncta cura redefines the financial framework to allow for greater flexibility and collaboration among the Vatican’s economic institutions. The document affirms that while the Administration of the Patrimony of the Apostolic See (APSA) generally undertakes the Holy See’s financial investment activities through the IOR, “competent bodies” may deem it “more efficient or convenient to use financial intermediaries established in other countries,” according to the same source.
Anchored in Prudence and Moral Responsibility
The new norms reaffirm that all Vatican investments must adhere to the principles established by the Investment Committee and comply with the approved Investment Policy. According to Vatican News, Coniuncta cura specifies that investments “must adhere to the provisions established by the Investment Committee, in compliance with the approved Investment Policy.”
This alignment ensures that the Holy See’s financial activities continue to reflect the Church’s moral teaching, prudence, and commitment to the common good. As with his predecessors, Pope Leo XIV’s reforms emphasize that financial management within the Church is not merely a matter of efficiency but of witness—demonstrating fidelity to Gospel values even in temporal affairs.
A New Chapter for Vatican Financial Reform
With Coniuncta cura, Pope Leo continues the Vatican’s ongoing journey toward financial integrity and ethical stewardship, a process that began under previous pontificates and continues under his leadership. The document’s emphasis on cooperation, accountability, and moral coherence serves as a reminder that the Church’s mission extends to every dimension of life, including the responsible use of its resources.
As the new motu proprio takes effect, it reinforces Pope Leo’s broader message: that the temporal goods of the Church are not ends in themselves, but instruments for the service of God and the salvation of souls.
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