In February, United Nations (UN) Secretary-General António Guterres said “It is time for a new Bretton Woods moment.'
President of France Emmanuel Macron on Thursday convened a summit with over 300 people in attendance including about 39 heads of state, 25 of them African.
The agreement was reached by 730 delegates, who were the representatives of the 44 allied nations that attended the summit. The delegates, within the agreement, used the gold standard to create a fixed currency exchange rate. The institutions created by this agreement also had the responsibility of helping poor countries around the world through loans and grants. Secretary-General António Guterres said “It is time for a new Bretton Woods moment,” because he believes the global financial architecture needs a radical transformation. He spoke while briefing the UN General Assembly on priorities for 2023
This is expected to re-channel at least $100 billion of unused Special Drawing Rights to those who need it and operationalise the Resilience and Sustainability Trust.
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