During last week’s meeting of the Brics nations in Fortaleza, Brazil, one item of unusual substance emerged from the familiar gusts of rhetoric about solidarity between the world’s rising powers.
The Brics announced their own development bank either to complement or to compete – depending on what motive one wishes to impute – with the multilateral World Bank to provide finance for long-term growth.
While the launch had been flagged in advance, an interesting counterpart emerged. The Brics also announced a $100bn emergency financing arrangement designed to help emerging market countries cope with outside shocks that throw their economies off course.
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