By Sharmine Narwani
The BRICS just became impossible to ignore. At the close of the Fifth annual BRICS Summit in Durban, South Africa last week, there was little question that this group of five fast-growing economies was underwriting an overhaul of the global economic and political order.
The eThekwini Declaration issued at summit’s end was couched in non-confrontational language, but it was manifestly clear that western hegemony and unipolarity were being targeted at this meeting.
The BRICS hit some major western sore spots by announcing the formation of a $50 billion jointly-funded development bank to rival the IMF and World Bank. Deals were signed to increase inter-BRICS trade in their own currencies, further eroding the US dollar’s status as the world’s reserve currency.
A series of unmistakable challenges were dealt to old world leaders: reform your institutions and economies – or we’ll do it ourselves. (more…)