HIROSHIMA: In order to better reflect the “realities of today’s world,” United Nations Secretary-General Antonio Guterres stated on Sunday that it was time to overhaul both the Security Council and Bretton Woods system.
While speaking at a news conference in Hiroshima, Japan, the site of the Group of Seven summit meeting, Guterres said both institutions represented the power dynamics of 1945 and needed to be modernised.
He said that the “global financial architecture” was out of date, broken, and unjust. With the Russian invasion of Ukraine and the COVID-19 pandemic’s economic impacts, it has failed to fulfill its core function as a global safety net.”
