UN Chief Urges Overhaul of Unjust Financial System

UN Chief Urges Overhaul of Unjust Financial System


UN Secretary-General António Guterres calls for reform of the outdated, dysfunctional, and unfair global financial system that favors rich countries, generating frustration in the developing world.

United Nations Secretary-General António Guterres reveals the present international financial system is “outdated, dysfunctional and unfair.” He stressed: “ There is a systemic and unjust bias in worldwide economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.”

UN Secretary-General Calls for Reform of Worldwide Financial System

United Nations Secretary-General António Guterres, who served as the prime minister of Portugal from 1995 to 2002, has was known for a reform of the worldwide financial system.

He shared within a press conference on Sunday in Hiroshima, Japan, where he attended the Group of 7 (G7) summit: “My message to G7 leaders is clear: while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that greater than half the world — the vast bulk of countries — are suffering through a deep financial crisis.”

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The UN secretary-general added:

There is a systemic and unjust bias in worldwide economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.

“Rich countries recovered from the economic impact of the pandemic with expansionary monetary and fiscal policies. Trillions and trillions were spent. Basically, they printed money and spent their way out of trouble,” Guterres continued. “ On the other hand, developing countries, numerous with substantial debts, were unable to do so. If they did, they would have seen their currencies sinking.”

Emphasizing “the needs for reform of the international financial system,” the UN secretary-general stated that “the Bretton Woods system and the Security Council reflect the power relations of 1945.” Nonetheless, he stressed:

This has changed. The economy has grown … The worldwide financial architecture became outdated, dysfunctional, and unfair.

“What I believe is clear. It’s that there is a growing conscience in developed countries — and I felt it in the G7 — that not enough is being done, both to reform outdated institutions and, at the same time, to … remove the frustration of the Worldwide South [Latin America, Asia, Africa, and Oceania] by an effective policy of solidarity with the Worldwide South,” the UN secretary-general concluded.

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