Opening Remarks

Dear friends, good morning and welcome.

It is a joy to be with you today. I extend my warm greetings to all gathered here for this special meeting, convened to present and reflect on The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy, commissioned by Pope Francis.

This Jubilee Year is a time for renewal—of institutions, of relationships, and of our shared commitment to justice. Your gathering today seeks to engage in serious dialogue on the national and international actions needed to address one of the most pressing moral challenges of our time: the interlinked crises of debt and development that weigh heavily on dozens of countries and inflict deep suffering on hundreds of millions of families across the world.

Unresolved debt crises have devastating consequences. They lead to rising poverty, malnutrition, and exclusion. They fracture communities and undermine the very fabric of hope. When families can no longer meet basic needs, when children are denied education or health care, when despair becomes widespread—then the human costs far outweigh any financial calculation. In such conditions, development becomes a broken promise, and dignity is denied.

The Jubilee Report makes an invaluable contribution to the global community. It offers a clear, urgent, and practical roadmap—not only for resolving today’s debt crises, but for building an international financial system grounded in the principles of solidarity, transparency, and shared responsibility. It is a call to conscience and to action.

Not all financing serves the common good. Finance must be at the service of people. It must reflect a shared responsibility between those who receive funds and those who provide them. Its impact depends on the terms it carries, on how it is deployed, and—critically—on how any resulting debt is managed when difficulties arise. No creditor and no government can, in good conscience, impose sacrifices on a population that deprive them of the essentials of a dignified life.

Addressing this crisis demands a collective response—from creditors, debtor countries, and the international financial institutions. Justice and solidarity must be our compass. We must act in good faith, guided by truth, and animated by ethical standards worthy of human dignity. An international code of conduct is urgently needed—one that upholds fairness, transparency, and sustainability. Let us build on the foundations laid by the Jubilee Report to reimagine a more humane and equitable financial architecture.

In the year 2000, Saint John Paul II reminded us that the issue of foreign debt “is not only economic but involves fundamental ethical principles and should have a place in international law.” He called on the global community to make the Jubilee Year an occasion for “gestures of good will,” including the substantial reduction—if not outright cancellation—of unpayable debts for the sake of the common good (General Audience, 3 November 1999). This vision echoes the ancient Jubilee tradition among the Jewish people—a time when debts were forgiven, and freedom was restored.

I wish to echo that prophetic appeal, which is more urgent now than ever. For unsustainable debts cast a long shadow over the future; they burden the hopes and possibilities of generations to come. In this Holy Year of 2025, we are called to open both our minds and our hearts to enable a of future of hope for the most vulnerable and peace for our common home.

My prayer is that the work we undertake today at the Pontifical Academy of Social Sciences will help leave a lasting legacy: a legacy of justice, of dignity, and of solidarity. May it ensure that when the next Jubilee arrives in 2050, we are not still confronting the same crises—but celebrating the progress we have made together.

Now is the time for those who share this vision to come together—to form a coalition of the willing, committed to lifting the burdens that weigh on the world’s most vulnerable nations. Even a small coalition, united in purpose and spirit, can bring about meaningful change. And if we can forge such collective action, there is reason for hope.

What you are doing here is important. I thank you, and I pray for you. May God bless you. Amen.