The BRICS countries— Brazil, Russia, India, China and South Africa— have made the first move in challenging the hegemony of the US and Europe over the leadership of the Bretton Woods twins—the International Monetary Fund (IMF) and the World Bank. So far, thanks to a convenient arrangement, the US has retained leadership of the World Bank and the Europeans of IMF.
But now the emerging markets are pushing for an end to this status quo. And rightly so. On Saturday, on the sidelines of the ongoing Group of Twenty summit in Mexico City, Brazilian finance minister Guido Mantega said: “Candidates should be based on merit and not on nationality.”
They have until 23 March to take the challenge to its logical conclusion by nominating a rival candidate to the American nominee. It is an opportunity for BRICS to seize.