United Nations Secretary-Normal António Guterres mentioned the present worldwide monetary system is “outdated, dysfunctional and unfair.” He emphasised: “There’s a systemic and unfair bias within the world financial and monetary framework in favor of wealthy international locations, which naturally creates nice frustration in growing international locations.”
UN Secretary Normal Requires World Monetary System Reform
United Nations Secretary Normal António Guterres, who served as prime minister of Portugal from 1995 to 2002, known as for reform of the worldwide monetary system.
He shared throughout a press convention on Sunday in Hiroshima, Japan, the place he attended the Group of Seven (G7) summit: “My message to G7 leaders is evident: whereas the financial image is unsure in all places, wealthy international locations can not ignore the truth that greater than half of the world — most international locations — are struggling by means of a extreme monetary disaster.”
The UN Secretary Normal added:
There’s a systemic and unfair bias within the world financial and monetary framework in favor of wealthy international locations, which naturally creates nice frustration in growing international locations.
“Wealthy international locations are recovering from the financial affect of the pandemic with expansionary financial and monetary insurance policies. Trillions and trillions spent. Mainly, they’re printing cash and spending their method out of hassle,” Guterres continued. “However growing international locations, lots of which have enormous money owed, cannot afford to do it. In the event that they do, they’ll see their forex sink.”
Emphasizing the “have to reform the worldwide monetary system,” the UN secretary-general defined that “the system of Bretton Woods and the Safety Council mirrors the facility relations of 1945.” Nevertheless, he harassed:
This has modified. The financial system has grown … The worldwide monetary structure has grow to be out of date, dysfunctional and unfair.
“What I imagine in is evident. That is as a result of there’s a rising consciousness within the developed world — and I sense it within the G7 — that not sufficient is being carried out, each to reform outdated establishments and, on the identical time, to … allay the frustrations of the World South (Latin America, Asia, Africa, and Oceania) by means of an efficient coverage of solidarity with the World South,” concluded the UN secretary normal.
Do you agree with the UN Secretary Normal that the present monetary system is “outdated, dysfunctional and unfair”? Tell us within the feedback part beneath.