Rome: Pope Francis has attacked the ''dictatorship'' of the global financial system and warned that the ''cult of money'' is making life a misery for millions.

He said free market capitalism had created a ''tyranny'' and that people were being judged purely by their ability to consume goods.

Money should be made to ''serve'' people, not to ''rule'' them, he said on Thursday, calling for a more ethical banking system and curbs on financial speculation. Countries should impose more control over their economies and not allow ''absolute autonomy'', in order to provide ''for the common good''.

The gap between rich and poor was growing and the ''joy of life'' was diminishing in many developed countries, the Pope said. ''While the income of a minority is increasing exponentially, that of the majority is crumbling,'' said the pontiff who, as archbishop of Buenos Aires, visited slums, opted to lived in a modest flat rather than an opulent church residence and went to work by bus. In poorer countries, people's lives were becoming ''undignified'' and marked by violence and desperation, he said.