The architecture of the current financial system, formed nearly 80 years ago, is outdated and threatens the well-being of everyone. UN Secretary-General Antonio Guterres stated this in his speech at the Munich Security Conference. TASS.
“We <…> “We are faced with sharing a piece of the cake in the global economy,” says the Secretary General of the World Organization.
He emphasized that the current financial architecture does not meet modern challenges.
“This increases risks to global security and prosperity,” Guterres added.
The Secretary-General also emphasized that the current financial system does not provide sufficient support to the most vulnerable countries that continue to be affected by the consequences of the coronavirus pandemic. He stated that the international financial architecture must be overhauled in order to adapt to the modern global economy and create a true international safety net, especially for developing countries that are in debt.
Guterres in August reported On the need for reforms of the UN Security Council and the Bretton Woods financial system.
Previously Guterres statedThat the current division in the UN Security Council is the worst in history.