Comparative Study of BRICS Decisions in Terms of Main Guidelines of International Financial and Economic Architecture Reform
Undoubtedly, BRICS have a considerable influence in the world. BRICS leaders decided to create a new financial and economic architecture and, hence, documents and resolutions adopted by BRICS countries and the G-20 documents are of great importance. A detailed analysis of these documents enables us to trace the turning points in the development of BRICS countries, to recognize key factors, influencing further effective cooperation and collaboration.
In this regard, it seems appropriate to study, within this research, the role of BRICS in the international scene, analyzing the importance of joint BRICS declarations on one of the numerous lines of collaboration and cooperation within BRICS, viz. problems of reforming of international monetary and financial institutions and a new financial and economic architecture establishment.
The most significant of all adopted by BRICS legal acts is the eThekwini Declaration. One of the most important provisions of the eThekwini Declaration is the decision to establish a new financial institution - a New Development Bank. The adoption of the decision to establish the BRICS Development Bank demonstrates the great progress of the economic development for the past decades. At present the decision to establish the BRICS Development Bank has been taken. The establishment of the Bank will also result in the change of the balance of the global political and economic power.
Certainly, the establishment of a new financial and economic architecture is extremely complicated and debating. In this article the author shows that the BRICS countries came to the conclusion that it is necessary to not only reform the existing institutions but also to establish new ones, such as for example the BRICS Development Bank.