Brics bank

Is it all over for the rise of the BRIC grouping (Brazil, Russia, India and China)?

On one level, this seems like a rather odd time to be asking such a question, especially when the political leaders of the BRICS countries (the four named above plus South Africa) have recently agreed to set up a joint development bank to be headquartered in Shanghai. So, the BRICS name is certainly here to stay, and in terms of global governance, their influence is likely to rise as a group because of the bank. Read more

The Bretton Woods conference aimed to reshape the international financial system and end the protectionism that, in the view of the US and UK, had contributed to the drift towards the Second World War. Seventy yearson, does the recently formed Brics Bank – set up by a group of emerging economies – threaten the legacy of Bretton Woods? Read more

The New Development Bank launched this week in Brazil by the leaders of the Brics countries – Brazil, Russia, India, China and South Africa – is to boost infrastructure and sustainable development projects through loans, guarantees, credits and equity investments.

But the bank’s establishment also enhances another key geoeconomic ambition of the Brics: to conduct more trade in local currencies, thereby diluting the dominance of the US dollar. Already, there is plenty of evidence to underscore the vitality of this ambition. Read more

Leaders of Brazil, Russia, India, China and South Africa are expected to ratify an agreement this week that would establish a Brics bank