Jacques SAPIR, Director of Studies (economy) at the Ecole des Hautes Etudes en Sciences Sociales Professor at the School of Economic Warfare (Paris) – Director of the CEMI-CR451Foreign Member of the Russian Academy of Sciences, is figuring out how the BRICS (and the BRICS+) answer the demandof a change in global institutions and what could be the consequences.
The BRIC grouping's first formal summit was held in Yekaterinburg on 16 June 2009 nearly 15
years ago. Atended to this summit Luiz Inacio Lula da Sllva for Brazil, Dmitry Medvedev for
Russia, Manmohan Singh for India and Hu Jintao for China. Few were those who understood
that this event was to be a pivotal one. The summit's focus was on improving the global
economic governance1, on reforming financial institution – remember we were then in the
middle of a global financial crash, the “subprime crisis” and improving co-operation between
the 4 countries.
The 16 th summit will take place this October in Russia. Will gather then ten members and many
more candidates. This is a proof that the BRIC, becoming the BRICS in 2011 and then the
BRICS+ on January 1 st this year, have become major a player in the global economy. But such
a player is a collective one and it is atracting around it a large number of countries united by
their dissatisfaction with the way global institutions, dating back from Breton Woods or the
Cold War, are run. Could the BRICS+ answer these demands and could set an improved or even
a completely new set of rules? And, even more important how global institutions could and
would be reshaped by BRICS+ influence or direct action?
The full article here
By Jacques SAPIR
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