SHARE
COPY LINK
OPINION

RE

What do Italians think of new Pope’s money talk?

Since arriving at the Vatican in March, Pope Francis has not been shy in expressing his views about wealth. Earlier this week, he said that money makes us lazy and selfish. The Local spoke to researcher Sebastiano Sali for some insight into his remarks.

What do Italians think of new Pope's money talk?
Pope France says capitalism has created 'tyranny'. Gabriel Bouys/AFP

In his defence of the poor and those living on the margins of society, Pope Francis has also attacked radical free-market ideologies for creating ‘tyranny’ and said the ‘cult of money’ produces misery.

He told a congregation gathered at St Martha’s church in the Vatican earlier this week that ‘wealth can make us lazy and selfish’. His audience may have been small in comparison to the crowds that gather for his regular Sunday masses at St Peter's square, but his words nonetheless drew attention.

As a working-class man who often took the bus to work and spoke out about the plight of the poor during his time as a Cardinal in Buenos Aires, Pope Francis’ messages on wealth are perhaps an attempt to bring the Catholic church back to reality, Sebastiano Sali, a research fellow at the Centre for International and European Studies told The Local. 

The Pope's words also enable the church "to get to grips with what is going on in the world and the issues that are really affecting people’s lives,” he continued. “Certainly, the most intrusive and concerning issue of a great part of the western world today is the economic crisis.”

Pope Francis seems to have made a good impression so far and has been welcomed by Catholics and non-Catholics around the world, said Sali.

But how do such anti-wealth messages sit in crisis-hit Italy, and coming from an institution whose own image has been tainted by scandal over money laundering? Sali suggests that the statements are also being directed at the Vatican and the Catholic church.

The congregation at St Martha’s did not involve the usual crowd of worshipers, but was instead made up of a small number freelance health-care and economic workers of the Papacy governance, Sali said.

Italy’s economic wounds are taking a long time to heal. Unemployment reached a record high of 12 percent in April, according to figures released this week. Troubled Italians are taking their own lives: the country’s suicide rate has risen between 20 and 30 percent over the past four years, the most recent figures from the Observatory of Health show. This month alone, a man in Sicily who was €10,000 in debt set himself on fire, while another from Avellino, in the Campania region, also killed himself over debt.

Businesses are also bearing the brunt, with 31,000 closing down in the first quarter alone.

On top of this, the ongoing ills are “producing a social and cultural regression that is dividing people, families and social layers,” according to Sali.

In this respect, the Catholic church “carries a huge responsibility,” he added.

While Pope Francis has attracted respect and admiration, Sali said people are perhaps expecting a fresh message from their leader.  “An old rhetoric of good against evil cannot provide the fresh and original approach people are waiting for.”

Despite polls suggesting Italy has become more secular, with mass attendance sinking, religion still plays an important role in most people’s lives. In a recent survey, 91.6 percent of Italians declared themselves Christians with about 88 percent of them being Catholic.

A report this week in the newspaper Corriere della Sera also pointed to an increasing number of people turning to priests in times of trouble.

“A therapist is perhaps too expensive in such a difficult economic moment, whereas a confession is for free,” said Sali.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

MONEY

The verdict: What are the best banks for foreigners in Italy?

Picking the right banking option in Italy can be hard, but The Local's readers have shared their experiences and advice to give you a head start.

The verdict: What are the best banks for foreigners in Italy?

If you’re planning on moving to Italy, opening a bank account will be one of the very first things you’ll have to do in the country.

Overseas accounts (especially those from outside the eurozone) are unlikely to cut it for everyday tasks like paying bills and taxes, receiving an Italian salary and taking out insurance as many Italian authorities require an account with an Italian IBAN number for these purposes.

Italy has a large number of banks to choose from, ranging from traditional Italian institutions to international banks to a host of online-only operators that have grown in popularity in recent years.

But Italian-only online information, confusing paperwork and a swarm of different offers can make it hard to find the right option, which is why we asked readers of The Local to share some of their best insider tips in a recent survey.

Traditional v online banking

If you’re looking to open an account in Italy, one of the very first decisions you’ll be faced with will be whether to opt for a traditional institution or a digital banking platform. 

Overall, around four in ten respondents indicated an online banking platform as the best option for foreigners in the country, with many pointing to low account fees, advantageous currency exchange rates and a far greater degree of flexibility compared to traditional institutions. 

READ ALSO: Which documents do I need to open an Italian bank account?

The majority of respondents however selected a traditional Italian bank as the best option, citing greater levels of trust in traditional institutions, the advantage of dealing with people face to face and, in some cases, the availability of specific services and information for foreign nationals. 

Traditional banks

Italy’s biggest private bank, Intesa Sanpaolo, was recommended by multiple readers as the best option for foreign nationals in the country.

Intesa San Carlo, Italy

People walk past the headquarters of Italy’s Intesa Sanpaolo in Turin’s Piazza San Carlo in January 2017. Photo by Marco BERTORELLO / AFP

Iain Gosling, a UK national living in Pisa, Tuscany, highlighted the quality of their online services, saying: “The app is easy to use and it translates into English automatically. Online banking is easy. We maintain bank accounts in the UK and send funds to ISP, no problem.”

Another British national living in Pisa focused on the advantages of dealing with Italy’s largest bank, saying that “a lot of operations are done through ISP so the transaction fee is low” and the large number of branches across Italy makes it easy to “open an account quickly in person.”

Laura, a US-Italian citizen living in Ascoli Piceno, Marche, praised Intesa Sanpaolo for their customer service, saying staff were “patient and understanding” following a bad experience with another bank.

READ ALSO: What you need to know about opening a bank account in Italy

Besides Intesa Sanpaolo, UniCredit was also mentioned on multiple occasions within the survey, though opinions on Italy’s second-largest bank were mixed.

Stewart, an Australian national living in Umbria, said they “never had any problem paying bills or making transfers” even when out of the country, and the bank has “a pretty good website, including an English-language (sort of) option”.

But other readers had rather different experiences. Laura, from Ascoli Piceno, said her experience with UniCredit was “a nightmare” as “they couldn’t open the account correctly” and trying to solve the issue was “humiliating and impossible”. 

Cindy in Orte, Lazio, mentioned that UniCredit “arbitrarily raised checking account rates for foreigners who are not residents from 20€ annual to 120€ annual”, whilst another reader reported that “it took someone I know three months to open an account”.

Finally, two readers recommended BancoPosta – a branch of Italy’s Post Office offering basic financial services – based on low fees, presence in all major Italian towns, and easy sign-up procedures.

Online banking and transfer platforms

Wise (formerly TransferWise) was by far the most highly recommended digital platform within our survey.

A British reader in Tuscany hailed it for its “speedy transfers, good exchange rates, and prompt problem resolution”, highlighting the contrast with “slow, expensive and paper intensive” traditional banks.

Revolut

A close-up detail of a card from digital bank Revolut. Photo by JUSTIN TALLIS / AFP

Jenny Lantschner, a British-Italian national in Lucca, also pointed out Wise services’ speed, saying that it’s “very easy to use on a smartphone and will send funds within minutes”.

Besides Wise, several readers recommended Italian online bank Fineco, which they praised for easy account-opening procedures, efficient online operations and low fees. 

Lithuania-based Revolut was also recommended by some readers on the basis of “low cost, convenience, and near spot-market rates for currency exchange”, though others mentioned having problems with money transfers. 

For instance, Bob, an American national in Siracusa, Sicily said that “English, American, and Italian banks all refused to fund” his account.

Finally, Steve in Lombardy advised against opening accounts with Germany-based N26 as they “have been closing accounts in Italy and not giving back the money to customers”.

Though N26 is an active digital bank in Italy, it has been operating in a limited capacity for nearly two years following on-site inspections in late 2021 that revealed shortcomings in terms of security legislation and weaknesses in anti-laundering measures. 

Readers of The Local have recently reported having their accounts shut and being locked out of their funds for no apparent reason.

SHOW COMMENTS