Worldwide economic strain is a symptom of a deeper, spiritual crisis and a mistaken set of values, say European bishops.

"The sense and value of human work has been pushed to the background in the general struggle for profit," the bishops stated. They also believe that the crisis should not be underestimated.

"Whoever considers the cause of the financial crisis to reside solely in a lack of transparency and legal accountability is perhaps overlooking the fact that it is far more our societal model that is being called into question. An economic model that is based on the continued and unlimited consumption of limited resources can only end in tears."

Bishops noted how the climate change issue also points to the need for a shift in values.