In a speech Tuesday before the UN General Assembly Brazilian President Luiz Inácio Lula da Silva said financial, food, energy, environmental and migratory crises reveal the multilateral system must be overhauled to meet 21st Century challenges.
Lula called for vigorous action to reform multilateral institutions and enable them to prevent a future financial crisis.
"The United Nations must urge members to provide a vigorous response to the threats that face us," said the Brazilian leader. "Given the global nature of the crisis, solutions must also be global."
Lula said today's international economic institutions such as the International Monetary Fund, World Bank and World Trade Organization lack the authority and tools needed to stop what he called the "anarchy of speculation."
"The indispensable intervention of the state contrary to what market fundamentalists argue, have shown us that the moment for politics is back."
He reiterated criticism of Wall Street firms and their role in the financial crisis. Last week, Lula mocked investment banks for treating financial markets like a "casino" and for relying on "speculation" to make money.
"The euphoria of speculators has spawned the anguish of entire peoples, in the wake of successive financial disasters that threaten the world's economy," he underlined.
The Brazilian president also used the UN speech to criticize rich nations who defend free trade but introduce migratory obstacles such as border fences and walls.
Lula said the UN decision to reform its Security Council in the near future will address the growing importance of developing countries.
"Today's structure has been frozen for six decades and does not relate to the challenges of today's world," he said. "Its distorted form of representation stands between us and the multilateral world to which we aspire."