Letting in the light? Vatican adopts IPSAS
Posted by Tim Irwin[1]
Throughout Europe, fiscal secrecy gave way to openness as absolute monarchy gave way to constitutional government, mainly during the nineteenth century. Kings, if they weren’t simply deposed, were constrained by legislatures and judiciaries, and budgets and accounts became public documents. Absolute monarchy has of course disappeared from Europe. Or, rather, it has almost disappeared. In a small corner of the continent, the Vatican holds out against the trend, describing itself as “an absolute monarchy” (albeit an elective one) in which the Pope “holds full legislative, executive and judicial powers.” Not surprisingly, the Vatican publishes less information on its finances than other European governments.
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