The pontiff’s vision is one of cautious optimism, grounded in the Vatican’s recent financial successes and the potential for further improvement.
Newsroom (18/09/2025, Gaudium Press ) In an exclusive interview with Crux Now, Pope Leo XIV offered a candid assessment of the Holy See’s financial situation, challenging the narrative of an institution in perpetual crisis. While acknowledging ongoing challenges, the pontiff highlighted the robust performance of key financial units, a tourism-driven revenue recovery, and the enduring impact of reforms initiated under his predecessor, Pope Francis. Yet, he stressed that sustained efforts in oversight, collaboration, and communication are critical to securing the Vatican’s fiscal future.
A Resilient Financial Core
Central to the Holy See’s financial stability is the Administration of the Patrimony of the Apostolic See (APSA), which reported a surplus of over €60 million in its 2024 financial statement. “Why are we crying about a crisis?” Pope Leo XIV asked, underscoring APSA’s role as a primary financial pillar supporting the Vatican’s operations. The positive result, he noted, reflects the strength of several financial units within the Holy See’s complex structure, countering perceptions of widespread fiscal distress.
However, the Vatican’s decentralized financial system poses challenges. “Everything that I might have in this pocket doesn’t always get over to this pocket,” the pope said, illustrating the need for better coordination among the Holy See’s various entities. Ensuring that resources are shared effectively across these units is a priority for fostering long-term financial health.
Tourism Rebound Bolsters Recovery
The Vatican Museums, a cornerstone of the Holy See’s revenue, were severely impacted during the COVID-19 pandemic, contributing to a financial crisis. However, Pope Leo XIV highlighted a significant turnaround, driven by a surge in tourism to Rome in 2025. “Praise God, people are traveling again,” he said, noting that increased visitor numbers have revitalized this critical income stream. The rebound has alleviated some of the financial pressures that plagued the Vatican in recent years, providing a foundation for recovery.
Navigating Long-Term Liabilities
Despite these gains, Pope Leo XIV acknowledged persistent challenges, particularly the Vatican’s pension fund. “I don’t know of any country in the world that’s not crying about ‘our pension fund is going to go broke in 30 years or 20 years,’” he remarked, framing the issue as a universal concern rather than an immediate crisis. The pontiff advocated for proactive planning, emphasizing that strategic measures can address long-term liabilities without resorting to alarmist rhetoric. “You make a plan and say, how are we to respond to that?” he said.
The Vatican’s substantial workforce also demands careful financial management, with salaries representing a significant portion of the budget. Balancing these obligations while maintaining fiscal stability remains a key focus.
Learning from Past Missteps
The Holy See’s financial reputation has been tarnished by high-profile errors, notably the ill-fated purchase of a property on London’s Sloane Avenue, which incurred losses of millions of euros. Pope Leo XIV pointed to reforms introduced under Pope Francis as a turning point, with new checks and balances implemented to enhance financial oversight. “Significant steps were taken to put new controls on what the financial operation would look like,” he said, noting that these measures are yielding tangible results.
The pontiff emphasized the importance of avoiding similar mistakes moving forward, citing the Sloane Avenue debacle as a cautionary tale. The reforms, including the establishment of the Council of the Economy to provide greater oversight, have strengthened the Vatican’s financial governance, though the pope acknowledged that the process is ongoing.
A Communication Overhaul
A significant obstacle to public confidence in the Vatican’s finances has been its communication strategy, which Pope Leo XIV described as flawed. “Part of our problem has been communications,” he said, recalling discussions with the Council of the Economy. The Vatican’s tendency to emphasize financial difficulties has deterred potential donors, who question the institution’s ability to manage funds effectively. “If you’re not going to administer properly, why should I give you more money?” the pope said, summarizing the sentiment.
To address this, Pope Leo XIV is advocating for a more balanced narrative that highlights successes while acknowledging challenges. “I’m not just changing the message to change the message,” he stressed, noting that his optimism is informed by two years of engagement with Vatican financial councils. This shift aims to rebuild trust and encourage support from the faithful and other stakeholders.
A Path of Prudent Reform
While expressing confidence in the Vatican’s financial trajectory—“I’m not losing sleep over it”—Pope Leo XIV cautioned against complacency. “I don’t think the crisis is over,” he said, emphasizing the need to continue the reform process begun by Pope Francis. This includes strengthening oversight mechanisms, fostering collaboration among financial units, and addressing long-term challenges like pension obligations.
The pontiff’s vision is one of cautious optimism, grounded in the Vatican’s recent financial successes and the potential for further improvement. By leveraging the rebound in tourism, building on existing reforms, and improving communication, Pope Leo XIV aims to steer the Holy See toward a sustainable financial future. “Things are going to be okay,” he said, “but we do have to continue the process of reform.”
- Raju Hasmukh with files from Crux Now
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