The Prophecy of the Popes, attributed to Saint Malachy, is a list of 112 short phrases in Latin. They purport to describe each of the Roman Catholic popes (along with a few anti-popes), beginning with Pope Celestine II (elected in 1143) and concluding with the successor of current pope Benedict XVI, a pope described in the prophecy as "Peter the Roman", whose pontificate will end in the destruction of the city of Rome.

The conclave of cardinals that will choose the next pope is expected to convene in mid-March. Analysts immediately began predicting a turbulent debate between reformers and conservatives.

In keeping with his reputation as a traditionalist, Pope Benedict made his extraordinary announcement in Latin, to a private gathering of cardinals inside Vatican City. The news was then transmitted via official Vatican media, with Benedict citing his age and failing health as the key factors in his decision.

“I have had to recognize my incapacity to adequately fulfill the ministry entrusted to me,” Benedict said. “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.”