The existing financial system is the result of a past consensus, and it is not moving as fast as humanity needs it to.

(Photo: PL)

Paris, June 22 (RHC) - French President Emmanuel Macron proposed on Wednesday, at the opening of the summit on a New Global Financial Pact, to guarantee responses to challenges such as poverty and climate change.

"We are seeking a new consensus in times of the great danger of division, and for that, clear goals are urgent, because although we have mobilized, if we look at reality, inequalities, and risks in climate change are increasing," he warned at the forum held at the Palais Brongniart in Paris, where around a hundred heads of state and government will meet until tomorrow.

According to the host president, the existing financial system is the result of a past consensus, and it is not moving as fast as humanity needs it to.

"That is why we propose a new global financial pact with the participation of everyone, from those on the front line to young people and civil society," he said.

Macron presented four principles that, in his view, could mark the efforts of change, starting with the vision that no country should be forced to choose between reducing poverty and protecting the planet.

Likewise, he argued that as part of the new pact, each country should choose the model to follow, without assuming the existence of only one.

"Let us respect the singular paths in an act of attachment to sovereignty," he emphasized.

The French president also highlighted the principles of the existence of public financing mechanisms that guarantee investments, with local participation and multilateral institutions, and the importance of greater contributions from the private sector.

"There is a lot of liquidity and a lot of money, and although it will be difficult to completely change the system, we must put these resources at the service of the planet and of greater support for developing and middle-income countries," he added.

Macron expressed his expectations that the roundtables of the summit will yield the expected results in his speech.

The forum will conclude tomorrow with the family photo, the closing ceremony, and a press conference. (Source: PL)