VATICAN CITY - Pope Benedict XVI prayed for G8 summit leaders in Italy on Wednesday, and says a societal shift from a focus on profits to a focus on ethics and social responsibility could be the solution to the global economic crisis.
He says that in today's world, it's necessary to have an international political body that is geared at the collective good, and not business.
"To correct itself financially, the economy needs to go by the logic of economic markets where the rules can't only be about profit," he said in Italian during a speech to his weekly public audience at the Vatican.
He says that society needs "political and economic leaders that are more attentive to the good of the community, in particular looking at public opinion on the trauma of famine and food security."
In his speech, he said a prayer for the G8 leaders, who are meeting in L'Aquila, Italy this week.
"May their decisions promote true development, especially for the world's poor," he said to applause from his audience.
He says change needs to happen now, because the current economy causes hunger, and countries with stronger economies take advantage of agriculture in poorer countries.
He repeated that it is up to politicians, economists, producers and consumers alike to ensure that ethics shape the economy so that profit alone does not regulate the world of business.
Wednesday's speech was based on a document which was released earlier this week that blamed economic scandals and poor management for causing the economic crisis.
The document outlines ideas to support food security and agricultural development to create social change, which Benedict says will help repair the global economy.
"I am sure that this route to developing poor countries will help find a solution to the global (economic) crisis," he said.
"The phenomenon of globalization will create a real opportunity, but this is why it is important for society to again deepen morally and culturally... for the common good," he says.
"A better future for everyone is possible but only if we fundamentally discover new ethics."
The state of the world economy is expected to be the big topic during the remaining days of the summit.
Meanwhile, on the first day of the summit, G8 leaders hammered out an agreement acknowledging they do not want the global climate to increase to more than two degrees Celsius.
However, earlier in the day they failed to get developing countries to agree to reducing carbon emissions by 2050.
