HIROSHIMA, JAPAN — U.N. Secretary-General Antonio Guterres said on Sunday that it was time to reform both the Security Council and Bretton Woods to align with the “realities of today’s world.”
Speaking at a press conference in Hiroshima, Japan, where the Group of Seven summit meeting had been held, Guterres said both institutions reflected the power relations of 1945 and needed to be updated.
“The global financial architecture became outdated, dysfunctional and unfair,” he said. “In the face of the economic shocks from the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfil its core function as a global safety net.”
Guterres also spoke of how he felt that at the G-7 summit there was a growing consciousness among developing countries that not enough was being done to reform outdated institutions or “remove the frustrations” of the Global South.
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Edited by Jesus Chan
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