Centre for Economic Research of RISS presents a report

Globalization has made it easier for crisis phenomena to spread across borders, thus impairing ability of certain countries’ monetary authorities to ensure their national financial markets stability. Since the IMF role as a key international financial institution and a global “crisis manager” has been rising in that environment, it has become imperative for developing countries to have a greater say in running the Fund.

The 2010 reform agreed at the Seoul G20 summit, though, did not offer them significant opportunity to influence the IMF decision-making process. Moreover, quota formula revision and subsequent quota review are still on the agenda. It is the BRICS countries that should take the lead in secu ring those issues. They should also develop new initiatives whose implementation will ensure further IMF reform. For these ends, the Russian Institute for Strategic Studies and the Russian National Committee on BRICS Research have carried out a survey of the BRICS expert community, with results presented in this paper.