The countdown to the end of the Bretton Woods era has begun. With a view to reshape the global financial architecture long dominated by western countries, the leaders of Brazil, Russia, India, China and South Africa (BRICS) have announced a joint development bank at the BRICS Summit in Fortaleza, Brazil. It is a landmark decision as it is the first concrete achievement by the five-nation group, which aims to unseat the US and its allies from the global high table.
Posted on: Fri, 18 Jul 2014 13:30:00 +0000