Cardinal Giuseppe Petrocchi, 76, was named president of the Cardinalitial Commission overseeing the Vatican Bank on February 2, 2026, succeeding Cardinal Christoph Schönborn after twelve years. The former archbishop of L’Aquila, who joined the commission in 2020, pledged continued transparency and collaboration with the IOR Supervisory Board. His appointment signals continuity in Vatican financial reform while introducing fresh perspectives on ethical stewardship aligned with Catholic principles. The shift unfolds as Pope Leo XIV recently added Cardinal Ángel Fernández Artime to the five-member commission, shaping the institution’s evolving priorities.
Cardinal Giuseppe Petrocchi, a retired archbishop known for his pastoral work in Italy, has been appointed president of the Cardinalitial Commission overseeing the Institute for the Works of Religion, commonly called the Vatican Bank. The announcement came February 2, 2026, through Vatican News and the IOR itself, marking a shift after twelve years of leadership by Cardinal Christoph Schönborn of Vienna.
Cardinal Giuseppe Petrocchi takes helm of Vatican Bank oversight commission after twelve years under Cardinal Schönborn’s leadership.
Petrocchi, 76, brings experience from his time as archbishop of L’Aquila and his service on the commission since 2020. He also serves on the Council for the Economy and the Dicastery for the Clergy, giving him familiarity with Vatican financial structures. His election by fellow commission members signals continuity in the bank’s reform trajectory while opening space for fresh perspectives on ethical stewardship. His pastoral experience connects to the Church’s broader historical role in shaping religious identity and communal life.
Schönborn stepped down due to age limits after guiding the commission through what observers describe as complex reforms and international transparency efforts. He thanked Pope Francis for supporting these changes and credited Jean-Baptiste de Franssu with helping transform the institution.
The outgoing president served concurrently as Vienna’s archbishop until last year, managing dual responsibilities during a decisive period.
The commission itself comprises five cardinals elected by the Pope to oversee IOR management, monitor compliance with statutes, and guarantee fidelity to ethical and canonical principles. The president coordinates this oversight but works alongside peers rather than commanding them. Cardinalitial Commission members serve five-year terms with the possibility of one confirmation.
Cardinal Ángel Fernández Artime, pro-prefect of the Dicastery for Institutes of Consecrated Life, joins as the newest member, appointed recently by Pope Leo XIV.
Petrocchi emphasized continuous improvement, transparency, and shared responsibility in his initial statements. He pledged collaboration with the IOR Supervisory Board and acknowledged the progress made under his predecessor.
His leadership begins amid broader Vatican emphasis on accountability and ethical finance, continuing reforms launched over the past decade. The IOR was founded in 1942 as the Institute for Religious Works.
The appointment reflects ongoing efforts to align the Vatican Bank with Catholic ethical standards while maintaining recognition within the international financial community. Petrocchi’s pastoral background and institutional experience position him to navigate both spiritual principles and practical governance as the commission advances its mission under renewed leadership.
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