How China's probable endeavour towards solving Israel-Palestine conflict will be a sham WATCH: Russian warship sinking after drone hit at key naval port In fact, the purpose behind the formation of New Development Bank, a BRICS response to the hegemony of Bretton Woods twins, was to “mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries”. The aim of the organisation was to give reality to the ‘rise of the rest’ and to ensure more plurality in world economic, investment and financial models. When in 2001, Goldman Sachs’ economist Jim O’Neill thought a set of emerging economies would come to dominate the world by 2050, he thought of four: Brazil, Russia, India and China, and this was the undergoing idea that led to the formation of the group which became a cohesive geopolitical bloc only by 2009 and was joined by South Africa in 2010. Earlier, External Affairs Minister S Jaishankar had said that the currencies would very much remain a national issue for a long time to come, while the South Africa’s Central Bank governor also pointed to the banking and fiscal union along with macro-economic convergence required for the purpose. On 20 July, Reuters reported that a BRICS currency would not be on the agenda of the bloc’s 15th summit, which is going to be held in Johannesburg this August.
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