BRICS: Reform of global economic governance system

Abstract

The article analyzes BRICS’ efforts aimed at promoting the reform of global economic governance, such as: stimulation of the reforms of the leading international financial institutions (IMF, World Bank), creation of new financial bodies (BRICS currency reserve pool, New Development Bank), reforms in the world monetary system, including internationalization of the participating countries’ national currencies. The author assumes that one of the major objectives assigned to the BRICS is the promotion of a shift from the Western-dominated system of global economic governance to one of multipolar nature where emerging countries can play important roles along with the developed ones.