http://www.ligonier.org/blog/misunderstanding-vatican-ii/
Misunderstanding Vatican II
I think Evangelicals and Catholics Together (ECT) and similar efforts to make common cause with Roman Catholics are based on a fundamental misunderstanding of where the Roman Catholic Church is theologically and what it actually teaches. There is no question that the Roman Catholic Church has changed since the sixteenth century. But the changes have not closed the gap between Rome and Protestantism. Indeed, the differences are greater now. For instance, the formally defined proclamation of the infallibility of the pope and all of the Mariology statements have come since the Reformation. Neither has Rome backed down from any of the positions it took in the sixteenth-century debate. In the updated Catechism of the Catholic Church, released in the mid-1990s, the treasury of merit, purgatory, indulgences, justification through the sacraments, and other doctrines were reaffirmed.
I think this misunderstanding has been driven primarily by confusion over the significance of Vatican Council II (1962–65). It was only the second ecumenical council of the Roman Catholic Church since Trent, the other being Vatican Council I (1869–70).
So, these councils are rare events, and the church and the world were surprised when Pope John XXIII convened Vatican II.
The statements produced by Vatican I referred to Protestants as schismatics and heretics. In marked contrast, the rhetoric of Vatican II was kind, warm, and appeasing. Protestants were called “separated brethren.” John’s passion, which he set forth in a pastoral letter, was that the Lord’s sheepfold would be one. There should be unity under one shepherd, he said, with all Christians returning to Holy Mother Church under the Roman pontiff. John was seen as kind, avuncular, and warm, so people jumped to the conclusion that Rome had changed its theology. However, many overlooked the fact that John ruled out any debate about justification at Vatican II.
The New Theology?
In the same era as Vatican II, there was a major split within the Roman Catholic Church between the Western and Latin wings of the church. Much of the Western wing adopted what was called the nouvelle théologie, “the new theology,” which was much more compatible with historical Protestantism than the classical orthodox Latin Roman theology.
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http://www.ligonier.org/blog/misunderstanding-vatican-ii/
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