Vatican City, December 18 - The Vatican must strive to become more transparent and fair in its financial dealings, its secretary of state said Tuesday. "The necessary transparency of economic and financial activity of the Holy See and the State of Vatican City requires a commitment to more incisive and joint correctness by each administration in the management of assets and economic activities," said Secretary of State Cardinal Tarcisio Bertone. At the same, the Holy See must find ways to reduce its spending and better manage its assets, he added. He spoke outside of meetings aimed at helping the Vatican bring its financial management in line with internationally recognized best practices. "This has become even more necessary in the face of the commitment by the Holy See to comply with international auditing standards," said Bertone. As part of its renewed financial strategy, the Holy See's Prefecture for Economic Affairs, currently chaired by Cardinal Joseph Versaldi, becomes the main department of planning and economic coordination. Vatican financial dealings came under particular scrutiny in July, when the Council of Europe's Moneyval department said in a report that the Holy See had made some progress on financial transparency, but added that more reforms were needed.