Among the nonvoting members of 38 observers and 16 experts appointed by the pope, the majority are laymen and laywomen, including 14 married couples.
Cardinal George Pell has outraged survivors of sexual abuse by clergy with comments given in a video testimony from the Vatican to an Australian government inquiry.
"This should, we hope, result in financial gains generating revenue for the work of the church, especially in the service of the wider society."
Seven months after hiring a consulting firm to study the Vatican's communications structures, the Vatican has set up an 11-member committee -- which includes Our Sunday Visitor's Greg Erlandson -- to suggest ways to increase collaboration and cut costs.
Australian Cardinal George Pell, prefect of the Vatican Secretariat for the Economy and a member of Pope Francis' Council of Cardinals, announced the formation of the committee at a news conference Wednesday.
The Vatican bank's net profit for 2013 was 2.9 million euros, down from the 2012 net profits of 86.6 million euros.
The Council of Cardinals will meet again this week, presumably to consider an overall blueprint for a new structure of the Vatican's central bureaucracy.
Pope Francis canceled a second day of private audiences and his morning Mass on Tuesday because of a minor illness, but Vatican officials downplayed speculation about ill health.
In its previous meetings, the Council of Cardinals has reviewed the work of Vatican congregations. The council will now shift its attention to studying the Vatican's 12 pontifical councils.
Commentary: The statements coming out of the Vatican that say Pope John Paul II didn't know about the sex abuse crisis are patently ridiculous.
Pope Francis' Council of Cardinals will meet with him for the fourth time next week, but what they'll discuss remains unknown.