UN chief backs reform of Security Council and global financial system – POLITICO

United Nations Secretary-General António Guterres has backed reform of the UN Security Council and the international financial system to bring them into line with “the realities of today’s world”.

The UN body and financial architecture reflect 1945 power relations and need to be updated, Guterres told a news conference Sunday on the sidelines of the G7 summit in Hiroshima, Japan, according to Reuters.

“The global financial architecture is outdated, dysfunctional and unfair,” said António Guterres. “Faced with the economic shocks of the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfill its essential function as a global safety net.”

Guterres made the same remark on Saturday, write in a tweet that it was “time to think seriously about the reform” of the international financial architecture.

The UN Security Council came under fire in April when Russia assumed the rotating presidency of the 15-member body despite 141 countries condemning its aggression against Ukraine. Experts have argued that Russia’s veto in the Security Council undermines the UN’s effectiveness on the international stage.