UN Secretary General Antoniu Guterres said that the time has come to reform both the Security Council and the Bretton Wood system.
This was announced at a press conference in Hiroshima following a meeting at the highest level G7.
GUERRISH said that both institutions reflect the relations of the forces of 1945 and need to be updated.
“Global financial architecture is outdated, it became incompetent and unfair. In the face of economic upheavals caused by the Covid -19 pandemia and Russia’s invasion of Ukraine, it could not fulfill its main function of the global security system,” he said.