It should be noted that it is the first time a development bank that BRICS specifically deny the su

Forget the monopoly of the World Bank and International Monetary schedule b number Fund! The announcement of the leaders of Brazil, Russia, India, China and South Africa on 26 March 2013 by the Durban country of Nelson Mandela to create a development bank rocked the boat, and for the first time 'Twins Bretton Woods "(as called by the IMF and the WB created in the U.S. in 1944 to ensure global financial stability) receive such a serious challenge schedule b number from five countries which have infinite liquidity that can rival sources of wealth schedule b number of the West and the so called 'Trinity': U.S., EU and Japan. Important schedule b number details were not made public for action or structure. It is announced that the new development bank will take action in 2015 and started with a capital of 100 billion. dollars with the assistance of China could rise to 41 billion, Russia, Brazil and India to contribute 18 billion. and South Africa, which joined the "club" only in 2011, ie two years after its establishment, schedule b number to contribute 5 billion. dollars
It should be noted that it is the first time a development bank that BRICS specifically deny the supremacy of the World Bank. And other times in the past in regional integration has been attempted creation of financial institutions with responsibilities related to those of the "Bretton Woods twins." The most typical cases are two, one in Asia and the other in Latin America. The first even named Multilateral Chiang Mai Initiative (CMIM) under the ASEAN +3 agreed in May 2012 to double its assets, thus making clear the intention of extending the radius of action. In the American schedule b number sub-continent, the Bank of the South (Banco schedule b number del Sur) aims to become the financial arm of the integration efforts in Latin America, giving material substance to the vision of Simon Bolivar. Its foundation was first announced in 2007, and officially agreed in 2009 between four countries: Venezuela, Argentina, Ecuador and Bolivia. Added since the Uruguay, who officially joined in March 2012, while the participation of Brazil has "stuck" in the House and the agreement in principle of Paraguay to take part stayed limbo after the removal of President Lugo Fernarnto June 2012. Luck is the Bank of the South and all associated integration projects in Latin America, a notoriously confrontational schedule b number direction in Washington, is uncertain and will depend strongly on the path to be followed by Venezuela after the death of Hugo Chavez. And the election results Sunday, April 14, when Nicolas Maduro won the election against schedule b number the conservative candidate Enrique caprylic with a surprisingly small difference of only 50.6% (denying polls prejudiced difference even 20 percentage points) landed abruptly hopes a smooth continuation of the experiment in the meta Tsavismou schedule b number Chavez period.
The new however introduced by the investment bank BRICS, compared with the two aforementioned projects that can boast that they were the authority schedule b number to challenge the Western monopoly on first geographical area, the second ... endless depth of cash and third and most important the structural nature of the changes are concentrated in the proposal made by the third largest city in South Africa, which hosted the meeting of the five leaders. Specifically, both the Asian and the Latin American investment bank have limited horizons crammed into a small part of the world, apparently contrary to World Bank lending programs from the Andean highlands to the Balkans, the Middle East and Central Asia. Therefore disputes the leading Western financial institutions but not on a global scale. schedule b number Only in the narrow context of their continent. schedule b number Additional appropriations may grant is equally limited. schedule b number Consequently, the development bank of the BRICS is an upgrade of rehabilitation efforts schedule b number of the international community from the deadly embrace of the IMF and WB and therefore an escalation of threats received by these organizations. Finally, although not yet taken their final form, the investment bank BRICS expresses deeper structural changes that have occurred in the global economy and as a general trait have weakened schedule b number the influence of the so-called Western world and upgrade the power of so-called developing countries, spearheaded the five countries that now produce 21% of global GDP when just 15 years ago they produced 7% (ie tripled their participation in the global economy in a half decade), while