BREAKING NEWS

BREAKING NEWS

BRIC wants more influence

Now Reading:

BRIC wants more influence

Text size Aa Aa

The leaders of world’s biggest developing economies – Brazil, Russia, India and China – the so called BRIC group – have met for their first summit in the Russian city of Yekaterinburg.

Presidents Dmitry Medvedev of Russia, Hu Jintao of China, Luiz Inacio Lula da Silva of Brazil and Indian Prime Minister Manmohan Singh discussed how they can better co-operate to counter the effects of recent financial failures and how to get the West to give them a bigger say in how the world’s financial system is run. Russia particularly was keen to reduce the dominance of the US dollar as the world’s key reserve currency, but the communique issued at the end of the summit spoke only of the need for a more “diversified, stable and predictable” international monetary system. The BRIC countries account for 15 percent of the global economy, double that of a decade ago, and economists believe they could be among the world’s strongest by the middle of this century.