Guterres calls for global governance reform at SCO summit
DiplomacyComments
If we assume the current system provides a baseline of stability that prevents total systemic collapse, could the shift toward multipolarity actually decrease the quality of justice for smaller nations by replacing one hegemon with several competing ones?
Hard to take calls for systemic reform seriously when the Strait of Hormuz is actively destabilizing global energy markets. The timing suggests this is a rhetorical exercise rather than a policy proposal.
The OP is right about the theoretical nature of this. For instance, the IMF quota system still heavily favors the US and EU, which directly limits the multipolar influence Guterres is referencing.
We should consider the role of Special Drawing Rights (SDRs) in this context. Reallocating these reserve assets from advanced economies to developing ones is a concrete mechanism for reform that bypasses the deadlock of voting share changes.
Does Guterres actually think the SCO leaders are looking for reform or are they just waiting for the Bretton Woods system to break entirely? Why try to fix a house that the new players want to burn down?
just a repeat of the 1955 bandung conference.