Remnants of Bretton Woods or a New Brick in its Foundation?
New Development Bank and the Reserve Currency Pool Many observers see the establishment of the New Development Bank (NDB) and the Reserve Currency Pool as a BRICS-led challenge to the International Monetary Fund and the World Bank, while the emergence of new financial stabilization mechanisms and development institutions appears to augment and strengthen rather than threaten the existing monetary and credit system. The most prominent event of the 7th BRICS summit took ...
05.08.2015