The current pope recognises that his failing health and age is catching up with his ability to function as well as he needs. So he renounced the papacy so that a new pope could be chosen.
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VATICAN CITY - Pope Benedict XVI on Monday said he plans on resigning the papal office on February 28, 2013. . The following is the full text of Benedict's declaration:
"Dear Brothers,
I have convoked you to this Consistory, not only for the three canonizations, but also to communicate to you a decision of great importance for the life of the Church. After having repeatedly examined my conscience before God, I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine ministry. I am well aware that this ministry, due to its essential spiritual nature, must be carried out not only with words and deeds, but no less with prayer and suffering. However, in today's world, subject to so many rapid changes and shaken by questions of deep relevance for the life of faith, in order to govern the bark of Saint Peter and proclaim the Gospel, both strength of mind and body are necessary, 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.
Dear Brothers, I thank you most sincerely for all the love and work with which you have supported me in my ministry and I ask pardon for all my defects. And now, let us entrust the Holy Church to the care of Our Supreme Pastor, Our Lord Jesus Christ, and implore his holy Mother Mary, so that she may assist the Cardinal Fathers with her maternal solicitude, in electing a new Supreme Pontiff. With regard to myself, I wish to also devotedly serve the Holy Church of God in the future through a life dedicated to prayer."
If a pope is not elected we will not have a leader of Catholicism and a sacred tradition dating back 2000 years will come to an end. We will also not have the guidance of the Holy Father to keep all Catholics on "the same page" so to speak.
If the reigning pontiff dies or resigns it is necessary for the College of Cardinals to elect a new pope.
Bishops that elect the pope are called cardinals.
Pope Benedict XVI, the reigning pontiff at the time, resigned and the need to elect a new pope arose.
The Sistine Chapel is where the Cardinals meet to elect a new Pope.
Popes do not elect popes. Popes are elected by the cardinal electors.
The cardinal electors come together in a conclave to elect a new pope.
Pope-elect Stephen died in 752.
Black smoke issues from the chimney of the Sistine Chapel if a ballot fails to elect a new pope.
The Cardinal Electors - all cardinals under age 80 - elect a new pope.
All cardinals under the age of 80 years make up the electorate that chooses a new pope.
All cardinals under the age of 80 elect the new pope in a secret meeting in the Sistine Chapel called a conclave..
2/3 of the cardinal electorate must vote for the person for him to be elected as pope.