Today, Pope Benedict XVI announced that he would resign on February 28. In a statement, he explained that "both strength of mind and body are necessary [to lead], strength which in the last few months, has deteriorated in me to the extent that I have had to recognize my incapacity to adequately fulfill the ministry entrusted to me. For this reason, and well aware of the seriousness of this act, with full freedom I declare that I renounce the ministry of Bishop of Rome, Successor of Saint Peter, entrusted to me by the Cardinals on 19 April 2005, in such a way, that as from 28 February 2013, at 20:00 hours, the See of Rome, the See of Saint Peter, will be vacant and a Conclave to elect the new Supreme Pontiff will have to be convoked by those whose competence it is."
The 85-year-old pontiff, the former Cardinal Joseph Ratzinger whose nicknames were "Watchdog" and "Enforcer", was elected after the death of Pope John Paul II. His decision, a Vatican spokesman said "took us by surprise." The spokesman also said the resignation was not due to any issues and that the Pope doesn't expect a schism in the Catholic Church.
The NY Times notes that his resignation makes him "the first pope to do so in six centuries." According to the Catholic Education Resource Center:
The Holy Father may retire if he chooses. The Code of Canon Law states, "If it should happen that the Roman Pontiff resigns his office, it is required for validity that he makes the resignation freely and that it be duly manifested, but not that it be accepted by anyone" (Canon 332, No. 2). Nevertheless, when a pope is elected as the Successor of St. Peter, the Church expects that he will remain in office until his death.
However, in the history of the Church, a few popes have resigned for various reasons, and a few have been deposed for various reasons. The first pope to resign was Pope St. Pontian, who was elected as the Successor of St. Peter on July 21, 230. During the persecution of Christians under Emperor Maximinus Thrax, St. Pontian was exiled to Sardinia and condemned to work in the salt mines, which no one was meant to survive. Therefore, he resigned as pope on Sept. 28, 235, to enable the election of a new pope, St. Anteros, who could govern the Church. Pope St. Pontian was martyred in 236 (237), either from ill treatment in general or from a mortal beating.
Notably, there were calls for him to step down in 2010. The NY Times reports, "As outrage built over clerical abuses, some secular and liberal Catholic voices called for his resignation, their demands fueled by reports that laid part of blame at his doorstep, citing his response both as a bishop long ago in Germany and as a cardinal heading the Congregation for the Doctrine of the Faith, which handles such cases. In one disclosure, news emerged that in 1985, when Benedict was Cardinal Ratzinger, he signed a letter putting off efforts to defrock a convicted child-molesting priest. He cited the priest’s relative youth but also the good of the church."
Cardinal Timothy Dolan walked over to the Today Show's studio from St. Patrick's Cathedral and said he was sad, "I find myself kind of somber... I love this pope." However, he's very impressed that Benedict was honest with himself to realize he'd serve God better if he stepped down, "I have to admire him immensely." Now Dolan and other Cardinals will have to select a successor—Dolan pointed out he's never been through this before because he was only elevated to cardinal last year, "I'm still unpacking my red socks from a year ago!"
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Pope Benedict visited New York in 2008 (and received a skateboard designed by a New York child), praising, "From a small flock...the church in America has been built up in fidelity to the twin commandment of love of God and love of neighbor." And just last December he joined Twitter. Yesterday, he had Tweeted, "He must trust in the mighty power of God’s mercy. We are all sinners, but His grace transforms us and makes us new."