#AceFinanceNews – The five countries known as the BRICS have 43 percent of the world’s population, $4.4 trillion in currency reserves, and generally healthier economic growth than Europe and the U.S.
Yet to their frustration, Americans and Europeans still dominate policy-making at the World Bank and the International Monetary Fund.
Should the five—Brazil, Russia, India, China, and South Africa—create their own development bank and crisis fund?
BRICS leaders, concluding a summit meeting in Durban, South Africa, today pronounced the idea “feasible and viable.”
They also made clear, however, that it won’t happen soon, as they failed to reach agreement on how such institutions would be financed and governed.