UN Secretary-General Says Global Financial System ‘Outdated, Dysfunctional, Unfair’ — Calls for Reform

United Nations Secretary-General António Guterres says the existent planetary fiscal strategy is “outdated, dysfunctional and unfair.” He stressed: “There is simply a systemic and unjust bias successful planetary economical and fiscal frameworks successful favour of affluent countries, which is people generating large vexation successful the processing world.”

UN Secretary-General Calls for Reform of Global Financial System

United Nations Secretary-General António Guterres, who served arsenic the premier curate of Portugal from 1995 to 2002, has called for a betterment of the planetary fiscal system.

He shared during a property league connected Sunday successful Hiroshima, Japan, wherever helium attended the Group of Seven (G7) summit: “My connection to G7 leaders is clear: portion the economical representation is uncertain everywhere, affluent countries cannot disregard the information that much than fractional the satellite — the immense bulk of countries — are suffering done a heavy fiscal crisis.”

The UN secretary-general added:

There is simply a systemic and unjust bias successful planetary economical and fiscal frameworks successful favour of affluent countries, which is people generating large vexation successful the processing world.

“Rich countries recovered from the economical interaction of the pandemic with expansionary monetary and fiscal policies. Trillions and trillions were spent. Basically, they printed wealth and spent their mode retired of trouble,” Guterres continued. “But processing countries, galore with important debts, were incapable to bash so. If they did, they would person seen their currencies sinking.”

Emphasizing “the needs for betterment of the planetary fiscal system,” the UN secretary-general explained that “the Bretton Woods strategy and the Security Council bespeak the powerfulness relations of 1945.” However, helium stressed:

This has changed. The system has grown … The planetary fiscal architecture became outdated, dysfunctional, and unfair.

“What I judge is clear. It’s that determination is simply a increasing conscience successful developed countries — and I felt it successful the G7 — that not capable is being done, some to betterment outdated institutions and, astatine the aforesaid time, to … region the vexation of the Global South [Latin America, Asia, Africa, and Oceania] by an effectual argumentation of solidarity with the Global South,” the UN secretary-general concluded.

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