World leaders urge transformation of global financial system at Paris summit

French President Emmanuel Macron on Thursday said that the world should act urgently to change the operational model of the global financial system.

Speaking at the Summit for a New Global Financial Pact in Paris, Macron said that world leaders, the private sector, and international organizations should work together to reform the existing system, and if they fail in their efforts, it will negatively impact the trust of people.

“If we miss the target … trust of our people will be lost. We have to create a collective dynamic, and we need much more from the private sector,” said Macron, adding that the next two years will be crucial.

Speaking at the summit, Antonio Guterres, secretary-general of the UN, said that the global financial architecture is outdated.

According to him, it is also dysfunctional and unjust and has failed to provide a safety net for emerging and developing countries.

“We can take steps right now and take a giant leap to achieve global justice. I put forward the policy brief, a detailed blueprint for a redesigned global financial architecture capable of serving as a safety net for all countries,” said Guterres.

He added: “I have no illusions. This is a question of power and political will, and change will not happen overnight.

“But we can take urgent action today to meet the urgent needs of the developing and emerging economies.”

For her part, Barbados Prime Minister Mia Mottley said that swift action is required to uplift the interests of emerging countries and the planet as a whole.

“What is required of us now is absolute transformation and not reform of our institutions. We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it livable,” said Mottley.

She went on to urge world leaders to join hands to reform the global financial system for a better future.

“Let us, representatives of our people, at this unique time in the history of civilization, not only do the right thing, but do it in time, and do it for the right reasons,” added Mottley.