Friday, March 30, 2012

Emerging countries demand greater representation: an alternative to the Bank World Bank

 Seeing that India is purchasing as much gold as they are able, this comes as no surprise.

New Delhi (AsiaNews / Agencies) - The five most important emerging countries must to be considered more in the world economy, dominated by the U.S. and Europe and are planning the launch of a bank to fund developing countries, which would compete with the World Bank and the Asian Development Bank.

The meeting held in the Indian capital among the leaders of Brazil, Russia, India, China, South Africa (in short: BRICS), ended yesterday with a statement in which, while showing concern for the global economic situation and willingness to help Europe to overcome the crisis, emerging countries demand that their voice count for more in the international financial structures, such as the International Monetary Fund (IMF, whose president is always a European) and the World Bank (whose president is always an American).

The Brics want more representation in the Bank and the IMF, and demand that their leaders are chosen on merit and not according to nationality (U.S. or European). Manmohan Singh, Indian Prime host, said that "institutions of global political and economic government created more than 60 years ago are outdated compared to a changing world".

The BRICS countries now account for 28% of the global economy. And next year will produce more than 50% of global wealth. The Brazilian leader Dilma Rousseff said that the BRICS were "the most important driver of the global economy over the past five years. Together we will be responsible for more than half of the growth for 2012, 56%, according to the IMF."

Singh has clarified that for this reason, the BRICS are considering "the proposal of a development bank for South-South relations, funded and administered by the BRICS and other developing nations."

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