http://www.businessweek.com/articles/2013-03-27/can-the-brics-have-their-own-world-bank#r=glo-s
The article discusses the BRICS economies, Brazil, Russia, India, China, South Africa, and the possibility of creating their own development bank and crisis fund. These economies combined have 43% of the world's population, and a total of $4.4 trillion in currency reserves. The Presidents of the BRICS came together at a summit in South Africa with the idea of "feasible and viable," but of course, this was easier said than done as they failed to reach an agreement on key factors. Furthermore, these economies are all very different, and a common goal just isn't so commonly found on such a big stage. The idea behind this dialogue is important. I guess it's the thought that counts.
This is both an interesting and imposing notion. The BRICS could, in essence, create a superbank. As you said, though, creating a unified agenda for very different economies is no easy task. It'll be interesting to see if this union comes to fruition, or if the idea behind BRICS is a bit too utopian.
ReplyDelete