Please find my article on brics bank below:
The BRICS (Brazil,Russia,India,China ,South Africa) refers to the group of 5 large countries that are developing and have the maximum potential to tap into their market and make fortunes.
Initially it was BRIC having the world’s fastest economies, but then in December 2010 China invited South Africa to join the group and from then on it was BRICS.
The BRICS nations are not bounded through a common currency or a common supervisory body like the EUROZONE but have been formed of the sole view to develop the individual Nation’s economy, to promote economic harmony among its member states, to become new superpowers of the Economy in near future.
In the wake of the Economic crises in the USA and EUROPE, and the failure of Eurozone to contain the Financial Instability, motivated the BRICS to form a Bank that tries to form a strong backbone and to avert such a crisis for its member nations. It also purported to be an alternative in lending to the West -dominated World Bank and IMF. Although such a statement will seem to be ambitious until the policies yield the expected results, it is common for any Economical Body that is set up new to follow the Standard, existing framework of such organizations.