There are Councils - and then there are councils 700 years ago, the Decrees of the 15th Ecumenical Council

Valid? - Certainly. 

Recognized? - Why not? 

Dealing with contingencies of its time? - Always. 

Relevant for all eternity?... 

No, not every Ecumenical Council has to be considered relevant for all time just because it was a valid and recognized council. The Council of Vienne, the 15th Ecumenical Council, reaches its 700 anniversary this year. In fact, one of the most important of

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