How to start a bank and let each of the BRICS be in charge

By Devjyot Ghoshal – It’s not easy to bring five world leaders together, get them to negotiate a landmark deal and have them all leave happily.

But something like that may have just happened in Fortaleza, Brazil.

Leaders of the BRICS—Brazil, Russia, India, China and South Africa—met for their sixth summit, and hammered out an agreement to establish a new development bank.

The New Development Bank (NDB), as it’ll be known, is being pitched as an alternative to the World Bank and IMF, mostly because the two Bretton Woods institutions remain dominated by western powers. more>

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