UN chief supports reform of Security Council, global financial system – POLITICO

1684689519 UN chief supports reform of Security Council global financial system | ltc-a

United Nations Secretary-General António Guterres has advocated reforming the United Nations Security Council and the international financial system to bring them into line with the « realities of today’s world ».

Both the United Nations body and the financial architecture reflect 1945 power relations and need to be updated, Guterres said at a press conference Sunday on the sidelines of the G7 summit in Hiroshima, Japan, Guterres reported. Reuters.

« The global financial architecture is outdated, dysfunctional and unfair, » Guterres said. « Faced with the economic shocks of the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfill its primary function as a global safety net. »

Guterres did the same on Saturday, writing in a tweet that it was « time to think seriously about the reform » of the international financial architecture.

The United Nations Security Council came under fire in April when Russia assumed the rotating presidency of the 15-member body despite the fact that 141 countries he condemned his assault about Ukraine. Experts argued that Russia’s veto in the Security Council undermines the effectiveness of the United Nations on the international stage.