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Benedict XVI made his call for stronger government regulation in his third and eagerly awaited encyclical, Charity in Truth, which the Vatican chose to issue ahead of today's Group of Eight nations summit in Italy.
His attack on unbridled capitalism and unregulated market forces was accompanied by a critique of some international aid agencies, which he accused of encouraging abortion and imposing contraception.
While the pontiff's call for a new world authority is unlikely to go down well with the G8 heads of government, his plea for financiers to adhere to stronger ethical standards will be reflected in a G8 communiqué urging stronger and more co-ordinated "global standards".