Centre for Economic Research of RISS presents discussion paper

The impact of the financial crisis of 2008-2009 on the global economy showed the necessity of reorganizing international financial architecture and in particular Bretton Woods institutions. The emerging of BRICS, which from the very beginning set the IMF reorganization among its priorities, was one of the responses to that challenge.

At the G-20 summit in Seoul in 2010 the leaders of developed countries and developing nations accorded a package of the IMF reorganization measures, which reflected more adequately the recent shifts in the global economy and increased the role of developing countries in the IMF governance. Nevertheless, the reform still has not been implemented.

In these circumstances the BRICS states not only affirm their support to the agreed reform, but insist on its further deepening. In authors’ view, the ultimate BRICS goal is to achieve the balance of power, when none of the IMF member states or group of states obtains disproportional influence on the decision- making process.