The Secretary-General of the United Nations, Antonio Guterres, said: The time has come to reform both the UN Security Council and the Bretton Woods system in line with the reality in today’s world.
The Bretton Woods System is an agreement concluded after the Second World War in Bretton Woods in the United States with the aim of achieving stability in the global economy.
He added in a press conference in Hiroshima, Japan, where the G7 summit was held, that the Security Council and the Bretton Woods system reflect the balance of power in 1945 and need updating.
Guterres stressed that the global financial structure is outdated, indicating that it has failed to perform its basic function as a global safety net./ End
Source: National Iraqi News Agency