The Wire

The BRICS group of emerging powers – Brazil, Russia, India, China and South Africa – have set up a $50 billion development bank and $100 billion crisis contingency fund to prevent future economic crises. BRICS leaders say that this will improve the representation of emerging economies, something that the IMF and World Bank have failed to do. However, experts and commentators are disagreeing on what impact the New Development Bank will actually have on the global economy, as well as what the true motives of the BRICS nations are.