United National Secretary-General Antonio Guterres says it is time to reform both the Security Council and Bretton Woods to align with the "realities of today's world".
Speaking at a press conference in Hiroshima, Japan, where the Group of Seven summit meeting had been held, Guterres said both institutions reflected the power relations of 1945 and needed to be updated.
He said that the global financial architecture is outdated, dysfunctional, and unfair.
Guterres added that in the face of the economic shocks from the COVID-19 pandemic and the Russian invasion of Ukraine, both have failed to fulfill their core function as a global safety net.
The Bretton Woods Institutions are the World Bank and the International Monetary Fund (IMF). They were set up at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in July 1944. Their aims were to help rebuild the shattered postwar economy and to promote international economic cooperation.
Meanwhile, the Security Council has primary responsibility for the maintenance of international peace and security. It has 15 Members, and each Member has one vote. Under the Charter of the United Nations, all Member States are obligated to comply with Council decisions.