BRICS leaders (from left): India Prime minister Manmohan Singh, President of the People's Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin. Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank. Photo: AFP
BRICS leaders (from left): India Prime minister Manmohan Singh, President of the People's Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin. Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank. Photo: AFP
Tom Holland
Opinion

Opinion

Monitor by Tom Holland

BRICS bank will be a recipe either for moral hazard or redundance

The proposed lender of funds to promote growth in the emerging world sounds like a great idea at first, but we have seen the concept fail before

Tom Holland
Tom Holland

Updated: 6:31am, 28 Mar, 2013

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BRICS leaders (from left): India Prime minister Manmohan Singh, President of the People's Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin. Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank. Photo: AFP
BRICS leaders (from left): India Prime minister Manmohan Singh, President of the People's Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin. Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank. Photo: AFP
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