BAKU, Azerbaijan, May 21. It is time to carry out reforms at the UN Security Council and the Bretton Woods institutions in order to bring them into line with the realities of modern world, UN Secretary-General Antonio Guterres said at the press conference in Hiroshima, where the Group of Seven (G7) summit took place, Trend reports.
According to him, the global financial architecture is outdated, dysfunctional and unfair.
The global financial system failed to fulfill its main function of a global safety net in the face of economic uncertainty provoked by the COVID-19 pandemic and the conflict in Ukraine, he said.
As Guterres said during the meeting of the UN Security Council on effective multilateralism in April, most UN countries recognize the need for Security Council reforms.
Agreements were signed in the town of Bretton Woods (New Hampshire) In 1944, which laid the foundations of the post-war financial system.