Speaking at the press conference for the presentation of the "New Economic Framework for the Holy See", which was held in the John Paul II Hall of the Holy See Press Office today, Cardinal George Pell, Prefect of the Secretariat for the Economy, announced several important new initiatives to improve the economic and administrative management of the Holy See and Vatican City State. These changes follow detailed analysis of the findings and recommendations of the Pontifical Commission for Reference on the Organization of the Economic-Administrative Structure of the Holy See (COSEA) and are considered essential to address identified weaknesses and risks while also creating a new platform for improved economic management in the future. "There are many challenges and much work ahead. It is clear from the work of COSEA that a number of issues, such as the transfer of APSA’s Ordinary Section, Pension Fund, Vatican Media and IOR need to be addressed urgently. The Holy Father has made it clear these changes should move forward expeditiously", said the Cardinal, also announcing the establishment of a small Project Management Office (PMO), led by Mr. Danny Casey, to implement and introduce some of the proposed changes.