[WATCH] Former BOV chairman appointed to Vatican reform commission

Former Bank of Valletta chairman Joseph F.X. Zahra has been appointed president of a new Economic Commission constituted by Pope Francis, which will be in charge of assessing the economic and administrative structure of the Holy See. The Commission's members are experts and businessmen of all nationalities.

The main goal is to reach further 'simplification' and 'transparency' in Vatican departments, but also better planning of all economic and the administrative activities of Holy See offices. The Commission will directly address the Pope when considering reforms of Vatican's institutions. 

In particular, Pope Francis wants Vatican institutions to have a simpler structure, making sure the offices avoid unnecessary expenses, and that all business deals are made with a high degree of transparency.

The Commission is made up of seven lay experts in economics and law, plus Mons. Lucio Angel Vallejo Balda, who serves as secretary. The President is Joseph F.X. Zahra, from Malta. Other members include Frenchmen Jean-Baptiste de Franssu and Jean-Videlain Sevestre, Spaniard Enrique Llano, Jochen Messemer, from Germany and Francesca Immacolata Chaouqui, from Italy. The only non-European member is George Yeo, from Singapore.

The commission's members will cooperate with the group of eight cardinals in charge of studying reforms of the Roman Curia. Their first meeting will be held shortly after the Pope returns from World Youth Day 2013.