There is a Vatican II document entitled 'Dei Verbum' (The Word of God) which was promulgated in 1964 and has something to contribute to this discussion. Quote:-
'In His gracious goodness, God has seen to it that what He had revealed for the salvation of all nations would abide perpetually in its full integrity and be handed on to all generations. Therefore Christ the Lord in whom the full revelation of the supreme God is brought to completion (see 2 Cor. 1:20; 3:13; 4:6), commissioned the Apostles to preach to all men that Gospel which is the source of all saving truth and moral teaching, and to impart to them heavenly gifts. This Gospel had been promised in former times through the prophets, and Christ Himself had fulfilled it and promulgated it with His lips.'
'This commission was faithfully fulfilled by the Apostles who, by their oral preaching, by example, and by observances handed on what they had received from the lips of Christ, from living with Him, and from what He did, or what they had learned through the prompting of the Holy Spirit. The commission was fulfilled, too, by those Apostles and apostolic men who under the inspiration of the same Holy Spirit committed the message of salvation to writing.'
'But in order to keep the Gospel forever whole and alive within the Church, the Apostles left bishops as their successors, "handing over" to them "the authority to teach in their own place".'
'This sacred tradition, therefore, and Sacred Scripture of both the Old and New Testaments are like a mirror in which the pilgrim Church on earth looks at God, from whom she has received everything, until she is brought finally to see Him as He is, face to face (see 1 John 3:2).'
'And so the apostolic preaching, which is expressed in a special way in the inspired books, was to be preserved by an unending succession of preachers until the end of time. Therefore the Apostles, handing on what they themselves had received, warn the faithful to hold fast to the traditions which they have learned either by word of mouth or by letter (see 2 Thess. 2:15), and to fight in defense of the faith handed on once and for all (see Jude 1:3).'
'Now what was handed on by the Apostles includes everything which contributes toward the holiness of life and increase in faith of the peoples of God; and so the Church, in her teaching, life and worship, perpetuates and hands on to all generations all that she herself is, all that she believes.'
'This tradition which comes from the Apostles develops in the Church with the help of the Holy Spirit. For there is a growth in the understanding of the realities and the words which have been handed down. This happens through the contemplation and study made by believers, who treasure these things in their hearts (see Luke, 2:19, 51) through a penetrating understanding of the spiritual realities which they experience, and through the preaching of those who have received through Episcopal succession the sure gift of truth. For as the centuries succeed one another, the Church constantly moves forward toward the fullness of divine truth until the words of God reach their complete fulfillment in her.'
'There exists a close connection and communication between sacred tradition and Sacred Scripture. For both of them, flowing from the same divine wellspring, in a certain way merge into a unity and tend toward the same end. For Sacred Scripture is the word of God inasmuch as it is consigned to writing under the inspiration of the divine Spirit, while sacred tradition takes the word of God entrusted by Christ the Lord and the Holy Spirit to the Apostles, and hands it on to their successors in its full purity, so that led by the light of the Spirit of truth, they may in proclaiming it preserve this word of God faithfully, explain it, and make it more widely known. Consequently it is not from Sacred Scripture alone that the Church draws her certainty about everything which has been revealed. Therefore both sacred tradition and Sacred Scripture are to be accepted and venerated with the same sense of loyalty and reverence.'
'Sacred tradition and Sacred Scripture form one sacred deposit of the word of God, committed to the Church. Holding fast to this deposit the entire holy people united with their shepherds remain always steadfast in the teaching of the Apostles, in the common life, in the breaking of the bread and in prayers (see Acts 2:42).'
But the task of authentically interpreting the word of God, whether written or handed on, has been entrusted exclusively to the living teaching office of the Church, whose authority is exercised in the name of Jesus Christ. This teaching office is not above the word of God, but serves it, teaching only what has been handed on, listening to it devoutly, guarding it scrupulously and explaining it faithfully in accord with a divine commission and with the help of the Holy Spirit, it draws from this one deposit of faith everything which it presents for belief as divinely revealed.'
'Those divinely revealed realities which are contained and presented in Sacred Scripture have been committed to writing under the inspiration of the Holy Spirit. For holy mother Church, relying on the belief of the Apostles (see John 20:31; 2 Tim. 3:16; 2 Peter 1:19-20, 3:15-16), holds that the books of both the Old and New Testaments in their entirety, with all their parts, are sacred and canonical because written under the inspiration of the Holy Spirit, they have God as their author and have been handed on as such to the Church herself.'
'In composing the sacred books, God chose men and while employed by Him, they made use of their powers and abilities, so that with Him acting in them and through them, they, as true authors, consigned to writing everything and only those things which He wanted.'
'Therefore, since everything asserted by the inspired authors or sacred writers must be held to be asserted by the Holy Spirit, it follows that the books of Scripture must be acknowledged as teaching solidly, faithfully and without error that truth which God wanted put into sacred writings for the sake of salvation. Therefore "all Scripture is divinely inspired and has its use for teaching the truth and refuting error, for reformation of manners and discipline in right living, so that the man who belongs to God may be efficient and equipped for good work of every kind" (2 Tim. 3:16-17).'
'In Sacred Scripture, therefore, while the truth and holiness of God always remains intact, the marvelous "condescension" of eternal wisdom is clearly shown, "that we may learn the gentle kindness of God, which words cannot express, and how far He has gone in adapting His language with thoughtful concern for our weak human nature." For the words of God, expressed in human language, have been made like human discourse, just as the word of the eternal Father, when He took to Himself the flesh of human weakness, was in every way made like men.'
'The principal purpose to which the plan of the old covenant was directed was to prepare for the coming of Christ, the redeemer of all and of the messianic kingdom, to announce this coming by prophecy (see Luke 24:44; John 5:39; 1 Peter 1:10), and to indicate its meaning through various types (see 1 Cor. 10:12). Now the books of the Old Testament, in accordance with the state of mankind before the time of salvation established by Christ, reveal to all men the knowledge of God and of man and the ways in which God, just and merciful, deals with men.'
'These same books, then, give expression to a lively sense of God, contain a store of sublime teachings about God, sound wisdom about human life, and a wonderful treasury of prayers, and in them the mystery of our salvation is present in a hidden way. Christians should receive them with reverence.
'God, the inspirer and author of both Testaments, wisely arranged that the New Testament be hidden in the Old and the Old be made manifest in the New. For, though Christ established the new covenant in His blood (see Luke 22:20; 1 Cor. 11:25), still the books of the Old Testament with all their parts, caught up into the proclamation of the Gospel, acquire and show forth their full meaning in the New Testament (see Matt. 5:17; Luke 24:27; Rom. 16:25-26; 2 Cor. 14:16) and in turn shed light on it and explain it.
'The word of God, which is the power of God for the salvation of all who believe (see Rom. 1:16), is set forth and shows its power in a most excellent way in the writings of the New Testament. For when the fullness of time arrived (see Gal. 4:4), the Word was made flesh and dwelt among us in His fullness of graces and truth (see John 1:14). Christ established the kingdom of God on earth, manifested His Father and Himself by deeds and words, and completed His work by His death, resurrection and glorious Ascension and by the sending of the Holy Spirit. Having been lifted up from the earth, He draws all men to Himself (see John 12:32, Greek text), He who alone has the words of eternal life (see John 6:68). This mystery had not been manifested to other generations as it was now revealed to His holy Apostles and prophets in the Holy Spirit (see Eph. 3:4-6), so that they might preach the Gospel, stir up faith in Jesus, Christ and Lord, and gather together the Church. Now the writings of the New Testament stand as a perpetual and divine witness to these realities.
'It is common knowledge that among all the Scriptures, even those of the New Testament, the Gospels have a special preeminence, and rightly so, for they are the principal witness for the life and teaching of the incarnate Word, our savior.'
'The Church has always and everywhere held and continues to hold that the four Gospels are of apostolic origin. For what the Apostles preached in fulfillment of the commission of Christ, afterwards they themselves and apostolic men, under the inspiration of the divine Spirit, handed on to us in writing: the foundation of faith, namely, the fourfold Gospel, according to Matthew, Mark, Luke and John.'
'The four Gospels just named, whose historical character the Church unhesitatingly asserts, faithfully hand on what Jesus Christ, while living among men, really did and taught for their eternal salvation until the day He was taken up into heaven (see Acts 1:1). Indeed, after the Ascension of the Lord the Apostles handed on to their hearers what He had said and done. This they did with that clearer understanding which they enjoyed after they had been instructed by the glorious events of Christ's life and taught by the light of the Spirit of truth. The sacred authors wrote the four Gospels, selecting some things from the many which had been handed on by word of mouth or in writing, reducing some of them to a synthesis, explaining some things in view of the situation of their churches and preserving the form of proclamation but always in such fashion that they told us the honest truth about Jesus. For their intention in writing was that either from their own memory and recollections, or from the witness of those who "themselves from the beginning were eyewitnesses and ministers of the Word" we might know "the truth" concerning those matters about which we have been instructed (see Luke 1:2-4).'
'Besides the four Gospels, the canon of the New Testament also contains the epistles of St. Paul and other apostolic writings, composed under the inspiration of the Holy Spirit, by which, according to the wise plan of God, those matters which concern Christ the Lord are confirmed, His true teaching is more and more fully stated, the saving power of the divine work of Christ is preached, the story is told of the beginnings of the Church and its marvelous growth, and its glorious fulfillment is foretold.'
'The Church has always venerated the divine Scriptures just as she venerates the body of the Lord, since, especially in the sacred liturgy, she unceasingly receives and offers to the faithful the bread of life from the table both of God's word and of Christ's body. She has always maintained them, and continues to do so, together with sacred tradition, as the supreme rule of faith, since, as inspired by God and committed once and for all to writing, they impart the word of God Himself without change, and make the voice of the Holy Spirit resound in the words of the prophets and Apostles.'
'Therefore, like the Christian religion itself, all the preaching of the Church must be nourished and regulated by Sacred Scripture. For in the sacred books, the Father who is in heaven meets His children with great love and speaks with them; and the force and power in the word of God is so great that it stands as the support and energy of the Church, the strength of faith for her sons, the food of the soul, the pure and everlasting source of spiritual life.'
'Consequently these words are perfectly applicable to Sacred Scripture: "For the word of God is living and active" (Heb. 4:12) and "it has power to build you up and give you your heritage among all those who are sanctified" (Acts 20:32; see 1 Thess. 2:13).'