advises that the 4th BRICS summit wrapped up in India on Thursday. The world's 5 leading emerging economies were represented at the summit - Brazil, Russia, India, China and South Africa
Among the many subjects discussed by the leaders were the creation of an alternative global lender and dropping the U.S. Dollar as a reserve currency. The leaders believe that institutions like the IMF (International Monetary Fund) and the World Bank have now "outlived their usefulness" and the creation of a alternative global lender would be the way to go.
These 5 countries are expected to make up 50% of the global GDP in the next 8 years.
Earlier this year, the BRICS countries discussed potentially bailing out Europe from its financial crisis and one of the major items on the agenda at the summit was a potential BRICS "basket currency" that could serve as an alternative to the U.S. Dollar or the Euro.
At the summit all the leaders signed an agreement to give out loans in their local currencies, thus moving away from the US. Dollar and the Euro.
An important item on the agenda was the possibility of a BRICS bank, to serve as an alternative to the Western-lead traditional institutions like the World Bank and the IMF.
Other matters on their minds included the Syrian crisis. The leaders believe that it is important that the Arab Republic's government and its opposition are given a chance to start a dialogue. They want peace in Syria, and they do not want Assad to step down.
At the conclusion of the summit Russia's President Dmitry Medvedev told reporters “without saying that such a dialogue is doomed to failure from the start and that only military actions can restore order.”
Medvedev stressed that a military approach to the crisis, which at present is placing anti-government militants in military opposition to President Bashar al-Assad's government would be “the most shortsighted and dangerous.”
He added that the BRICS member states “will promote the success” of this dialogue in Syria and suggested that they organise a joint humanitarian aid support of the Syrian people.
The 5 countries also agreed that sanctions against Iran will not work and will merely put more pressures on economies worldwide.