UN chief calls for reform of Security Council, Bretton Woods system
(VOVWORLD) -It’s time to reform both the Security Council and the Bretton Woods institutions, UN Secretary-General Antonio Guterres told the press at the G7 summit in Hiroshima, Japan, on Sunday.
 United Nations Secretary-General Antonio Guterres addresses the G7 Summit in Japan. (Source: United Nations)
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The Bretton Woods system is the international monetary system and related financial institutions, which uses the US dollar as a single measure for international currency payments and reserve.
Guterres said the Bretton Woods system and the Security Council reflect the power relations of 1945, but many things have changed since then. The global financial architecture is outdated, dysfunctional, and unfair, he said.
In the face of economic shocks from the COVID-19 pandemic and the Russia-Ukraine conflict, it has failed to fulfill its core function as a global safety net, according to the UN chief.
It is essentially a question of redistributing power in line with the realities of today’s world, he said.