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News Link • Economy - International

BRICS shake up global economic architecture

• http://news.yahoo.com, Jeremy Tordjman

For the past 70 years, the International Monetary Fund and the World Bank have been the pillars of the world's economic system, coming to the rescue of countries in trouble and supporting development projects, respectively.

But the Bretton Woods institutions are regularly criticised for their inability to reflect the growing and important contributions of the major emerging economies to the global economy.

China, the world's second-largest economy, continues to have just slightly more voting power in the IMF than Italy, about five times smaller.

And, since their creation in 1944, the IMF and the World Bank have only been led by Americans and Europeans.

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