Mumbai: This quarter was dominated by the BRICS alliance. The first BRICS meeting to be held in India was hosted in New Delhi on 29 March 2012. The big announcement was the possible establishment of a BRICS Bank – an alternative and supplement to the World Bank and IMF that currently dominate international development financing today. The rest of the world is skeptical about what they see as diverse developing nations trying their hand at institutional financial independence.
But given the stresses that are threatening the most ambitious financial integration project, the Euro – a new international financial alliance that can keep in mind the lessons from the Euro’s strains – may be a worthwhile experiment for the developing economies. A key concern: Keeping the Renminbi as a partner currency, and making sure it does not dominate (page 7).
The post BRICS: the new Syndicate appeared first on Gateway House.
