The Dollar Trap by Prasad Eswar S

Author:Prasad, Eswar S.
Language: eng
Format: epub, pdf
Publisher: Princeton University Press
Published: 2013-08-18T16:00:00+00:00

Firewall Made of BRICS

Regional pooling arrangements like the CMIM are hardly the only game in town. The five major emerging markets, known as the BRICS (Brazil, Russia, India, China, and South Africa), among them have about $4.6 trillion in foreign exchange reserves (as of June 2013). Frustrated by the lack of progress on reforms of the global monetary system and their continued dependence on the dollar, they have decided to take matters into their own hands. At their summit in Durban, South Africa, in March 2013, leaders of these five countries agreed to set up a New Development Bank to finance infrastructure and sustainable development projects in their countries. They also agreed to set up a Contingent Reserve Arrangement—a pool of reserves—to provide mutual support to one another in times of crises.

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