SUMMARY An Economic Security Council is urgently needed to address issues of global human security (e.g. drugs, pollution, spread of diseases, terrorism, migration), global development (e.g. growth, employment, debt, resource transfers and global income distribution) and socioeconomic causes of conflicts within nations. Such a body should be representative of interests of all nations, carry no country veto power, and provide a day‐to‐day decision making form for socioeconomic issues at the highest level.