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Strategies & Market Trends : Currents of Currency
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To: Ahda who wrote (296)7/22/2014 1:56:36 PM
From: Ahda  Read Replies (1) of 594
 
By David Marsh, MarketWatch

BEIJING (MarketWatch) — 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 year of the Second World War. Seen through the prism of international politics, the BRICS initiative is the most significant sign yet of developing countries’ rebuttal of Washington-led policies on many issues ranging from tough conditions on international payments and development assistance through to reform of the IMF’s voting structures.

At a more practical level, the plan may run into significant headwinds as a result of basic failure of these five distinct but very different emerging-market economies to agree on fundamental issues over the running of a new international institution.

Controversy over Russia’s role in last week’s downing of a Malaysian airliner over disputed areas of Ukraine hardly forms a propitious backdrop to the creation of a new element in the world monetary order.

continued at
marketwatch.com
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