The Economy of Francesco

young people, a pact, the future

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young people, a pact, the future

international events

September 22-24 2022, - Assisi

September 22-24 2022, Assisi

"The Economy of Francesco"

young people, a pact, the future

Breaking news:

published today the letter with which Pope Francis summons young economists and entrepreneurs to Assisi to propose a pact for a new economy. Economy of Communion participates in the organizing committee of the event together with the Diocese and the Municipality of Assisi and the Seraphic Institute.

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Switzerland. Noemi's commitment to narrate a financial driving force behind sustainability

#EoF: The Stories - Lucerne University doctoral student's studies on the responsibility of banks and investors in building a society that promotes life and equity

by Maria Gaglione

published in Avvenire on 11/04/2020

The relationship between real economy and finance. This is what Noemi Miriam Honegger, PhD candidate at the Institute of Social Ethics at the University of Lucerne in Switzerland, one of the most important financial centres in the world, is working on. A married woman, a violinist, Noemi works with other young people in one of the 12 villages of the Economy of Francesco dedicated to the theme of Finance and Humanity. "In my studies of theology and economics, I focused on ethics and the organization of the economic system in relation to social justice. My PhD is about the role of finance in today's economy and the world, in particular the relationship between the financial sector and the real economy from an ethical point of view".

Noemi's is not an easy subject to explain: "Today finance has a decisive impact on production, infrastructure, labour market, pension and insurance systems. The global emergency we are experiencing today because of the pandemic shows once again - it’s enough to see the reactions of the markets - that the real economy and the financial sector are closely linked and that financial shocks have an impact on the economic system as a whole. After the financial crisis of 2007/2008 - which clearly revealed a globally interconnected system that was very fragile - many people began to argue that finance had to rethink its role and put itself at the 'service' of the real sector. Yet the disconnection between the two sectors is still very evident. The point of departure for my research project is, therefore, a fundamental question: how should we redefine the financial sector as an integral part of an economic system that wants to be able to improve people's lives, guarantee justice and safeguard the environment? In my research, I am applying a narrative-based method. I asked myself what is the narrative, the dominant concept of finance today, analysing if and how the different contexts that have been studied (from literature to political debate, for example) consider the direct responsibility of financial actors (banks, credit institutions etc.) in building a society able (or not) to promote life, equity, sustainability. In addition, I also analyse the way the different financial actors see and tell themselves, and how they make decisions and act".

So in order for finance to become a real driver of sustainable change, we also need a new narrative: new ways of communication and dialogue about these issues. "Narrations are never neutral, they amplify people's attitudes and influence personal and collective choices, including economic ones. Not all of them foster clarity about the responsibilities of the individual parts that make up a system as complex as the economic system. And as I am proceeding with my research studies - which are not yet finished - it seems very clear to me that finance too, as a powerful economic 'driver', must be rethought, animated and reoriented".

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