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In the international spotlight at a press briefing in Hiroshima, Japan, UN Secretary-General and former Portuguese Prime Minister António Guterres voiced a resounding call for transforming the global financial structure.
While at the G7 summit, Guterres raised a critical point, underscoring the disparity in economic well-being between affluent nations and the rest of the globe. Given current economic uncertainties, he urged the world's wealthiest countries to acknowledge that more than half the global population is grappling with severe financial turmoil.
In Guterres' view, the world's economic and financial frameworks display a clear prejudice towards the world's wealthiest nations, stirring a profound sense of dissatisfaction in developing countries.
Addressing the aftermath of the global pandemic, Guterres noted how affluent nations implemented substantial monetary and fiscal strategies to mitigate the economic repercussions. By allocating trillions of dollars, these countries essentially generated funds and spent to avert economic catastrophe. However, the situation was starkly different for developing nations.
These countries, burdened by substantial debt, could not emulate the strategies employed by wealthier nations. Had they attempted similar fiscal maneuvers, their currencies would have plunged, creating further difficulties.
Bringing to the forefront the need for an overhaul of the global financial system, Guterres hinted at the outdated nature of the present structures. He pointed out that the present frameworks, including the Bretton Woods system and the Security Council, reflect the geopolitical power dynamics of the post-WWII era in 1945, hinting that they are long overdue for a modern refresh.
His call for overhauling the global financial system goes hand in hand with his view on embracing transformative technologies like blockchain. In a 2019 statement to Forbes, he said, "For the United Nations to deliver better on our mandate in the digital age, we need to embrace technologies like blockchain that can help accelerate the achievement of Sustainable Development Goals."
This highlights Guterres' belief in the potential of technology as a powerful tool for change and progress. With its capability to enhance transparency and security, blockchain could be instrumental in leveling the economic playing field and fostering global sustainable development.
The UN Secretary-General António Guterres made a compelling case for reconfiguring the global financial system, arguing for a more equitable structure that gives developing nations a fair chance to prosper amid economic uncertainties.
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