BRICS Gains Currency in Brazil Biswajit Dhar

The 6th Summit of the BRICS nations would be remembered as a watershed event in global economic governance because it marks the first time that emerging economies stepped out of the shadows of the big powers to establish two financial institutions, the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These institutions should be seen as counterparts of the Bretton Woods institutions—the World Bank and the International Monetary Fund (IMF)—not competitors, as some Western observers have likened them to. Another significant outcome of the Summit, one which was not as well highlighted as the establishment of the NDB…