• Home
• /
• Opinion

The BRICS moment

This consensus and concern has enabled them to collect their economies and to a great extent their political policies for projecting a united stance. Thus the demand from New Delhi, where leaders of the five nations met for a summit meeting, clearly echoed their belief for a new world order. The minimum they demanded from the forum was rapid reforms at the International Monetary Fund and a sovereign-cum-political approach while dealing with Iran’s nuclear issue. It is no secret that even the United States and Europe had agreed to amend the prima facie arrangement lingering on since the Second World War and accommodate Asian and African talent at the epic of international donor institutions. This is what now the BRICS want to be implemented in letter and spirit. On the eve of choosing a new boss for the World Bank, the developing nations are hoping that the West would show largesse and nominate a candidate from the Third World. But that demand may be over-pitched to be realised, taking into account the fact that none of the BRICS countries or any one from the developing states have attained a consensus for either of their own nominees.

The pro-active role of BRICS is, however, most welcome at a time when the G-20 forum has been too preoccupied with issues of peace and security, and has not been too effective on the economic front. The prolonged recession in Europe and dichotomy in policies in relevance with the United States’ approach in beating the post-Wall Street crisis are a point in case. US President Barack Obama’s insight of stimulus and expanding the role of the government in economics is now no more the vision of Europe. So this polarisation of thought is where developing economies pitch in their strategy, who have been quite successful in not only maintaining growth but also beating the tide of negativism in micro and macroeconomics. Yet, the BRICS has some fundamental issues to be resolved and the prime among them is currency manipulation and sorting out a formula for unanimity. BRICS’ states have to walk an extra mile to beat Western supremacy.