New York - French President Nicolas Sarkozy urged Tuesday a quicker pace in reforming the UN Security Council and the world's group of eight leading industrialized nations (G-8) in order to meet the demands of emerging countries.

Sarkozy said the world is still governed by 20th-century institutions in a 21st century world.

"Let today's major powers and the powers of tomorrow unite to shoulder together the responsibilities their influence gives them in world affairs," Sarkozy said in an address to the UN General Assembly.

"To all those who are hesitant, I wish to say that enlarging the Security Council and the G-8 is not just a matter of fairness, it is also the necessary condition for being able to act effectively," he said.

"We cannot wait any longer to enlarge the Security Council," he said.

The 192-nation assembly has been engaged in a so-called open-ended process in the past 15 years to reform the Security Council, now composed of 15 members, including five veto-wielding permanent ones - the United States, Russia, France, Britain and China - and 10 elected ones.

Sarkozy said China, India, South Africa, Mexico and Brazil should join a reformed G-8. He revealed that Italy, which is fighting with Germany for a permanent seat on the council, will propose a major reform when it holds the G-8 summit next year.

Sarkozy, the current president of the European Union, turned to Russia, declaring, "Europe does not want war."

"What Europe is telling Russia is that we want links with Russia, that we want to build a shared future with Russia, we want to be Russia's partner," he said in a reference to the recent clash between the European Union and Russia over the conflict in Georgia.

He called for building a "continent-wide common economic space" uniting Russia with Europe.

Sarkozy warned, however, that Europe cannot compromise the principle of sovereignty and independence, territorial integrity and respect of international law on the issue of Georgia.

The French president also called on the world to "rebuild capitalism" in the face of a massive financial crisis that has threatened global growth. A new series of regulations on banking institutions was needed to prevent another crisis in the future, he said. (dpa)