On Saturday, Pope Francis met with directors and employees, along with their families, of the Banca di Credito Cooperativo (the BCC) of Rome, an Italian credit union, on the occasion of the sixtieth anniversary of its foundation.

In his address, Pope Francis spoke of the importance of cooperatives, noting that these kinds of groups are frequently referenced in the Church's social teaching, including in his own Encyclical Laudato sì. Noting his earlier meetings with similar groups, the Holy Father recalled seven areas of encouragement for cooperatives.

Among them, Pope Francis spoke of the need "to continue to be the motor that develops the weakest part of the local community and of civil society," mentioning especially young people in search of jobs and building new cooperative enterprises. He also encouraged them to be attentive to the relationship between the economy and social justice; to foster and encourage the life of the family; and to build an economy based on honesty. Finally, he called on them to "participate actively in globalization, so that it might be a globalization of solidarity."

The greatest challenge facing cooperatives, he continued, was not simply to become a large, successful company, but rather to grow as a true cooperative, seeking the humanization of the economy, and uniting good business sense with solidarity.

Pope Francis also spoke about the importance of subsidiarity in Catholic social teaching. Subsidiarity, he said, means not relying on social institutions or on government aid when one can face problems through one's own resources. He also highlighted the charitable work of the BCC, which he said is typical of good cooperatives. He encouraged them to always keep people at the centre of their concerns, especially young people and families. Cooperatives he said, can lead the way among companies that work to humanize - that is, put people at the centre - of the economy.

Finally, the Holy Father encouraged his listeners to "participate actively and generously" in the life of the entire cooperative movement.

Source: Vatican Radio

Tags: Banca di Credito Cooperativo, BCC, cooperative movement, Pope Francis

We Need Your Support ICN aims to provide speedy and accurate news coverage of all subjects of interest to Catholics and the wider Christian community. As our audience increases - so do our costs. We need your help to continue this work. Please support our journalism by donating today. Donate