Vatican Bank President: US Still Has Highest GDP; S&P's Credit Rating Drop Makes US More Humble

"The United States remains the most technologically advanced country in the world, with the highest GDP (Gross Domestic Product), surpassing one and a half times that of Europe, four times that of China, and ten times that of Italy," wrote Ettore Gotti Tedeschi, president of the Vatican Bank, in the Vatican's newspaper, "L'Osservatore Romano."

His August 9, 2011 comments came in the middle of a week of global financial uncertainty due in large part to concerns over the U.S. economy, according to the California Catholic Daily website.

Last week, the credit ratings agency Standard & Poor (S&P) marked down the U.S. credit rating for the first time in its history amid fears over the nation's ability to pay its debts.

"The fact that it has been declassified does not flatten it to the ground, but probably will cause it to be more humble and open to collaborating with Europe," said Gotti Tedeschi.