UN chief backs reform of Security Council, global financial system
Secretary-General António Guterres Guterres thinks it was “time to think seriously about the reform” of the international financial architecture of the U.N. | Pool photo by Androniki Christodoulou/Getty Images
United Nations Secretary-General António Guterres backed the reform of the U.N. Security Council and the international financial system to align them with the “realities of today's world.”
Both the U.N. body and the financial architecture reflect the power relations of 1945 and need to be updated, Guterres told a press conference Sunday on the margins of the G7 summit in Hiroshima, Japan, according to Reuters.
“The global financial architecture is outdated, dysfunctional and unfair,” Guterres said. “In the face of the economic shocks from the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfill its core function as a global safety net.”
Guterres made the same point on Saturday, writing in a tweet that it was “time to think seriously about the reform” of the international financial architecture.
The U.N. Security Council came under fire in April when Russia assumed the rotating presidency of the 15-member body despite the fact that 141 countries condemned its aggression on Ukraine. Experts have claimed that Russia’s veto in the Security Council undermines the U.N.’s effectiveness on the international stage.
Source: POLITICO Europe
