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Aug 8, 2014 0 Comments

Promoting Prosperity or Populism? Articles / Opinion Editorials, Publications

Authors: FERNANDO MENÉNDEZ

The establishment of the New Development Bank (NDB) announced at the recent summit of the BRICS (Brazil, Russia, India, China and South Africa) and the Contingent Reserve Agreement (CRA) to assist members facing financial difficulties raises more questions than answers.

For some analysts, the new bank represents an initial step in creating a global financial alternative to the World Bank and International Monetary Fund (IMF), long dominated by the U.S. and other Western nations.  Others have argued it is a step in the process of reforming the existing global economic governance model.  Still others point to Vladimir Putin’s quip that the new fund is intended to protect member countries whose foreign policies run counter to American and European interests from any “harassment.”  Mr. Putin’s rationale strikes a cord in some Latin American capitals. … Continue Reading »