The papal decree said the commission would work toward a "simplification and rationalization of the existing bodies and more careful planning of the economic activities of all the Vatican administrations," Vatican Radio reported.
The group will offer specialized technical advice and strategic solutions on a range of issues, including the misuse of economic resources, ever greater prudence in the financial sphere and transparency in the purchase of goods of services, the decree said.
The commission also will collaborate with a working group of eight cardinals to draft a plan to reform the Apostolic Constitution, the core document that outlines the rules for the Roman Curia, the Vatican's governing body.
Members of the commission represent legal, economic, financial and organizational fields. Only one member is from the clergy.