I suppose that would mean that any universal claims in these Councils -such as universal jurisdiction of the Pope and papal infallibility (which must by definition be exercised about faith and morals with the intent of binding the universal Church)- would be annulled?
My own speculation . . .
Papal Infallibility would be clarified in such a way that makes clear that he is ratifying understanding, and that the necessary understanding was not present in past attempts . . . The two proclamations would not be denied or refuted, but simply seen as not having been Infallible statements.
hawk
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