Russian Financial

For those who are fully identified with the management of markets, the behavior of these national scenarios, cannot ignore what has meant a new Summit as the BRIC meeting in Russia 1,400 miles east of Moscow in the Russian city of Yekaterinburg, where the Russian President, Dimitri Medvedev, considered that the first Summit of emerging powers – BrazilRussia, India and China (BRIC), should allow the emergence of a more just world order as exposes it yahoo.com news, participated in the meeting the Russian President, his Brazilian counterpart, Luiz Inacio Lula da Silva; Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh. The leaders of these four large emerging economies in particular demand a reorganization of the international financial system which will give greater importance to developing countries and other currencies besides the dollar reserve. The Russian President, who was limited to a simple statement and did not respond to the questions of journalists, described the gathering of historical event. He ended the Summit with a call to that emerging and developing economies have international financial institutions greater voice and representation. BRIC, a term coined by economist Jim O Neill of Goldman Sachs in 2003 refers to the four emerging economies of Brazil, Russia, the India and China.

BRICS accounted for 42 percent of the population of the world, 14.6 percent of the domestic product (GDP) gross global and 12.8 percent of the global trade volume in 2008. (Xinhua) 17/06/2009 tells spanish.peopledaily.com.cn that: the emerging and developing economies must have international financial institutions greater voice and representation and their bosses and principal leaders (of these institutions) should be appointed through a selection process open, transparent and based on merit, of agreement the joint statement issued after the conclusion of the Summit. The four countries are committed to advance the reform of international financial institutions so that they reflect the changes that the world economy has suffered, added the statement.