Indexed on: 26 Nov '14Published on: 26 Nov '14Published in: European View
The BRICS grouping (Brazil, Russia, India, China and South Africa) was born of a desire to create an alternative to the Western-dominated financial institutions and to secure for these countries a greater role in global affairs. This partnership is based on mutual interests and necessity rather than on shared values and ideals. High levels of social inequality, pervasive corruption, and challenges in education and the environment are common to all five countries. The New Development Bank, together with better coordination of joint action by the BRICS, has the potential to significantly reduce the scale of these problems and contribute to the long-term sustainability of these economies.