Brazil, Russia, India, China, and its newest member South Africa, forming BRICS – met for their third summit calling for reform of the Bretton Woods institutions like the World Bank and the International Monetary Fund (IMF). BRICS want a larger role played by emerging and developing economies in these institutions.
The group asked for an agreement for development banks in BRICS countries to open mutual credit lines in local currency. The countries called for a “broad-based international reserve currency system providing stability and certainty.” BRICS want to get away from the US-based currency driver, however, failed to offer a better option as to an alternate currency. The five member countries garner $12 trillion in value collectively while the US economy represents $15 trillion, but are anticipated to surpass the US in upcoming years.
The meeting included Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao, and South African President Jacob Zuma.
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