What BRICS Cannot and What It Can Deliver

... bodies that rival traditional West-made financial institutions—the New Development Bank, or NDB (which is regarded as a plausible alternative to IBRD) and the BRICS Contingent Reserve Arrangement, or CRA (a potential alternative to IMF). Though both NDB and CRA remain relatively young and modest initiatives, over time they might well turn into cornerstones of the new global financial architecture. Besides, BRICS is destined to accelerate the ongoing process of de-dollarization of the global economy by promoting trade between its ...