The race for a new beginning in economic, monetary and political independence by the fast growing developing nations of the BRICS which includes Brazil,Russia,India,China and South Africa is truly a challenge to the existing world order in financial and monetary policies, which has been in the exclusive control of the developed nations and mainly in the hands of the West. The last meeting which was held last week in India made it clear that the Brics is working towards using a single currency within its members, and I think other developing nations will be willing to join if given the chance due to the fact that the Brics economy consist of about 45% of global economy and its population is increasing in geometric form.
The economies of these countries are capable to help other developing nations to fix there economies. African countries especially Nigeria should be prepared to grab the opportunity with its population and market size, but must be prepared to fix its unhealthy nature of corruption which has bedeviled the state. The Brics are about to create a different financial system which is to rival the International Monetary Fund and World Bank. It has ordered its financial ministers to come up with a working procedure which will make it possible for easy financial transaction and common project implementation.
The project which the Brics have decided to embark upon must be a project with transparency and hope for other developing nations. which will be willing to see it as a savior of the financial problem in the world. The adventure of establishing a joint development bank must take into cognizance the poor nations that will need its help and services for many among the have lost hope in IMF and World Bank.
No comments:
Post a Comment