From the 'Catholic Encyclopedia': 'The supreme headship of the Church is, we have seen, annexed to the office of Roman bishop. The pope becomes chief pastor because he is Bishop of Rome: he does not become Bishop of Rome because he has been chosen to be head of the universal Church. Thus, an election to the papacy is, properly speaking, primarily an election to the local bishopric. The right to elect their bishop has ever belonged to the members of the Roman Church. They possess the prerogative of giving to the universal Church her chief pastor; they do not receive their bishop in virtue of his election by the universal Church'.
Caeremoniae, electio et proclamatio
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See also: Conclave.