Pope Francis has taken his boldest step yet to overhaul the Vatican's scandal-plagued finances, creating a new department with broad powers to oversee all of its economic and administrative affairs, the Vatican announced on Monday. The Secretariat for the Economy will answer directly to the pope and will be headed by Australian Cardinal George Pell, currently the archbishop of Sydney.
The Scottish government will be given power to issue its own investment bonds, UK ministers have announced. The move will give the Holyrood administration an extra source of financing when it gets new borrowing powers, in 2015. Chief Secretary to the Treasury Danny Alexander called the move historic.