BRICS bank, a misplaced idea?4 min read 25 Mar 2013, 04:15 PM IST
Instead of chasing projects like a regional bank, BRICS leaders ought to pay attention to more pressing matters
The fifth summit of the BRICS (Brazil, Russia, India, China and South Africa) grouping that begins in Johannesburg on Tuesday has been almost overshadowed by the news that its leaders are expected to make two major announcements for enhancing financial cooperation. The summit is expected to take a decision on establishing the BRICS development bank. The initial idea of this bank was put forth in the New Delhi summit a year ago and the leaders had asked their finance ministers to examine the feasibility and viability of such an initiative. Alongside, there is a strong possibility that BRICS will set up a joint foreign exchange reserve pool that will enable members of the grouping to overcome balance of payments problems.