Word: bric
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Russia Planning for A Post-U.S. World Russian President Dmitri Medvedev hosted the first summit of the world's largest emerging economies to discuss efforts to reduce their reliance on the U.S. The so-called BRIC states--Brazil, Russia, India and China--are forecast to become four of the six biggest economies in the world by 2050. The group, which holds some 40% of the world's gold and hard-currency reserves, has announced plans to shift some out of U.S. dollars. "There can be no successful global currency system," said Medvedev, "if the financial instruments used are denominated...
...answer is: because he was invited. Russia is convening two back-to-back summits of significant global importance this week. Moscow is a key player in both the Shanghai Cooperation Organization (SCO), a Chinese-driven body aimed at improving ties with Russia and Central Asia, and the so-called BRIC group - a gang of four emerging world powers in Brazil, Russia, India and China. With the SCO and BRIC meeting at the same place, much of the non-Western world's geopolitical muscle is now rubbing shoulders in the shadow of the Urals. And the Iranian President, who never shies...
...policymaking committee's other critical task is to reform the IMF itself. Its 24-member executive board is dominated by Western nations, and doesn't take into account the rise of new powers like Brazil, Russia, India and China - the "BRIC" nations. Under a complex system of voting rights, Italy has greater clout than Russia or India. "Belgium and the Netherlands have one seat each, the same as Brazil, which is totally absurd," says Cornell's Prasad...
Geithner has said he'd like to see the board reduced to 20 seats, with more say for the BRIC bloc. Although that makes economic sense, it will be very hard to achieve, warns Prasad: "It's a zero-sum game: for someone to gain a bigger role, someone else has to lose theirs...
Egypt is not a BRIC nation, which may make Boutros-Ghali the ideal man for the position, says Desmond Lachman, an expert on multilateral lending institutions at the American Enterprise Institute: "If the Chinese wanted [the chair of the policy committee], there would have been friction with other emerging economies, like India. Boutros-Ghali, coming from a smaller country, can be even-handed...