The Catholic Church's Vatican Bank already is making sweeping changes, including replacing the all-Italian panel. Rev. Robert Sirico, president of the Acton Institute, tells TheStreet's Joe Deaux that the church replaced the panel with a larger international presence that is now embracing English as the operating language. English being the main language of finance will allow the bank access to larger institutions and attract banking talent, Sirico says. The moves, though far from solving years of corruption and cronyism, may be the early steps to creating a more transparent Vatican Bank.

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