called the Secretary-General of the United Nations UN, António Guterreswho served as Prime Minister of Portugal from 1995 to 2002, to reform the global financial system.
Also read: Indian central bank governor: The US banking crisis clearly shows the risks of cryptocurrencies to the financial system
Where he said during a recent press conference in Hiroshima, Japan, on the sidelines of the G7 summit:
My message to the G7 leaders is clear: although the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half of the world is suffering from a major financial crisis.
The UN Secretary-General added:
“There is a systematic and unfair bias in global economic and financial frameworks in favor of rich countries, which naturally generates great frustration in the developing world.”
“Rich countries have recovered from the economic impact of the pandemic with expansionary monetary and fiscal policies, where trillions and trillions have been spent, they have printed money and they have been able to get out of trouble,
But the developing countries, which are heavily indebted, have not been able to do so.”
On the other hand, the Secretary-General of the United Nations stressed the need to reform the international financial system Bretton Woods and the Security Council, reflecting the power relations of 1945 (a set of political and economic relations that prevailed in the world after the end of World War II in 1945) and emphasized:
Also read: The new digital currency will change the financial system in Thailand
“The situation has changed, the economy has grown, and global financial engineering has become outdated, inefficient, and unfair.”
“And what I believe is clear, which is that there is a growing awareness in the developed countries, and I felt it in the Group of Seven countries, but not enough has been done to reform the old institutions,
And at the same time, to remove frustration in the Global South (Latin America, Asia, Africa and Oceania), through an effective policy of solidarity with the Global South.”