BRIC Want Diverse System

The BRIC countries-Brazil,Russia,India and China-concluded their recent summit in Ekaterinburg,Russia by calling for a more diverse global monetary system.They did not attack the U.S. dollar,nor call for the development of new reserve currencies to supplement it,which Russia has called for on its own.China and the others do not want to risk devaluing the dollar further,since so much of their reserves consist of greenbacks.The BRIC countries called for systemic reform based on a democratic and transparent decision-making and implementation process at the international financial organizations.This reflects their fear that emerging markets could be pushed aside by developed economies during reform talks.