UN chief backs reform of Security Council, global financial system

United Nations Secretary-Common António Guterres backed the reform of the U.N. Safety Council and the worldwide monetary system to align them with the “realities of immediately’s world.”

Each the U.N. physique and the monetary structure replicate the facility relations of 1945 and should be up to date, Guterres instructed a press convention Sunday on the margins of the G7 summit in Hiroshima, Japan, in accordance with Reuters.

“The worldwide monetary structure is outdated, dysfunctional and unfair,” Guterres mentioned. “Within the face of the financial shocks from the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to meet its core operate as a world security internet.”

Guterres made the identical level on Saturday, writing in a tweet that it was “time to assume severely in regards to the reform” of the worldwide monetary structure.

The U.N. Safety Council got here underneath hearth in April when Russia assumed the rotating presidency of the 15-member physique although 141 nations condemned its aggression on Ukraine. Specialists have claimed that Russia’s veto within the Safety Council undermines the U.N.’s effectiveness on the worldwide stage.