--
Don't Rule Out the
BRICs by Mohamed A. El-Erian
El-Erian observes:
“If anything, the
BRICS concept (expanded to include South Africa a few years ago) is becoming
more notable because these countries are demonstrating an increasing
willingness to take on a global system that they consider to be excessively
(and unjustifiably) dominated by Europe and the U.S. And when they repeatedly
fail in working with other powers to secure reasonable changes -- such as the
long-delayed reforms to the governance, representation and some of the
nationality-driven practices of the International Monetary Fund and the World
Bank -- they no longer hesitate to pursue change by establishing new
institutions (the Asian Infrastructure Investment Bank).”