Since 2009, BRICS leaders have been gathering - promoting the idea
that a strategic shift is underway in the global economy from the
developed to the largest and fastest growing developing economies. But
really, what were they other than five countries with a catchy title who
met once a year?
This changed recently in Brazil as the BRICS leaders advanced an
agenda of concrete actions, including a deal to create two banks and two
funding institutions to rival the likes of the World Bank and the
International Monetary Fund (IMF).
On paper they hardly fare well against their competitors, but maybe
that is not what this is all about; maybe it is about emerging nations
finding some real clout - the kind of influence they feel they have not
had in existing institutions.
So, can a BRICS development bank challenge the dominance of the IMF
and the World Bank? Will it shift the global balance of power? And are
the BRICS countries economically - as powerful as they are - ready for
such a massive multilateral undertaking?
Banking on BRICS - Counting the Cost - Al Jazeera English
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