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Why are the BRICS starting a bank? And 9 more FAQs
There are no surprises, but lots of questions, about Beijing’s espousal of the BRICS bank, launched last week by China as well as Brazil, Russia, India and South Africa. The freshly named New Development Bank (NDB) is designed to provide both development finance and balance of payments funding on a grand global scale — a clear potential rival to the International Monetary Fund and the World Bank. The enterprise can be viewed on several levels. At the most sweeping, it represents the biggest challenge to the world monetary establishment since the creation of the Bretton Woods institutions 70 years ago in the final ... (full story)
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