The leaders of the five BRICS countries - Brazil, Russia, India, China, and South Africa - took
a step toward carving out a larger role for themselves in the global financial system
when they agreed to base a new development bank in Shanghai.
The significance and implications?
Let's bring in Dr. Kim Byoung-joo for a closer look.
Dr. Kim, as soon I heard the news, it reminded me
of the Asian Infrastructure Investment Bank that was discussed during the recent Korea-China
summit.
How will this BRICS-led New Development Bank differ from
the AIIB?
So is this more about the BRICS feeling that an alternative to the World Bank and IMF is
needed?
Or are there in fact structural shortcomings in these West-led institutions?
But this BRICS banking initiative certainly has its critics, right?
Even though the new donor countries may have their own hidden agenda, overall isn't
it
a positive development that
the developing
world has another
resource from which to receive assistance?