Feeling much better, so thought I can help out with this one.
Pope Francis is speaking NOT about changing BIBLE translations but updating the LITURGICAL translations of the "Nostre Patre," the Lord's Prayer as it is translated into the vernacular in English and Italian for the Mass.
Both English and Italian still use very old, outdated vernacular forms of the Nostre Patre in Mass. For instance, the English translation of the Mass was just updated a few years ago, but the Lord's Prayer still reads the same way it did in 1610: "Our Father who art in heaven, hallowed be Thy name..." The Italian version is similarly outdated.
The Liturgy, or official prayer service, exists in Latin in order to have a universal version from which to translate the Liturgy into various languages. Each language group (episcopate) is responsible to translate the Liturgy as it sees fit based on a set of recently set, simple guidelines that allow each episcopal body autonomy.
But one of the demands from that Vatican upon each local body is that modern, critical, and easy-to-use language be chosen for renditions. Traditionalists have not liked this new directive of Pope Francis, and some have found themselves removed from their positions because of it. The Pope even stopped the Vatican from having control over all translation projects and gave this power back to the local bishops and to the critical language scholars just earlier this year.
What the Pope is talking about is that the renditions in English and Italian LITURGY are both old and give the wrong impression to readers of today. They do not even match the new approved Catholic translations of the Bible released in these countries. For instance, where in the Mass the Liturgy still reads in English: "...And lead us not into temptation, but deliver us from evil," the Catholic NRSV reads: "And do not bring us to the time of trial, but rescue us from the evil one."--Matthew 6:13.
This is outstandingly different. The Liturgy makes it sound like God can lead people into test, but in reality this is only because it is olden vernacular. In 1610 it meant the same thing as the NRSV rendering means today. But if we keep the words for tradition's sake, we get a different meaning because today's idiom has changed. That is what the Pope is saying. The Liturgy must and will change for Catholics. Their Bibles already did, 20 to 30 years ago. It is time for the Mass to catch up.
While the current Liturgy is based on the Latin text, it itself is being critically updated with the best critical Greek scholarship. Also, only the English and Italian versions of the Liturgy read in such archaic forms. All other language groups have already changed. Pope Francis is announcing that the Liturgy in these last two areas will be standardized with the rest of the world to match the best critical Greek readings.
As for Bible translations, Catholic Bible versions are translated in the vernacular for each language group independent of the Vatican by scholars from various religious traditions, Christian, Jewish, and sometimes even Muslim and atheist linguists in order to avoid bias. The end result receives approval for Catholic use by the bishops that oversee the language group of their area, especially if that version is to be used for liturgical purposes.