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Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.
Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.
Now, says Thomas Wright, a fellow at Brookings' Project on International Order and Strategy, "they want a safety net if they fall out with the West."
"All initiatives that seek to strengthen the network of multilateral lending institutions and increase the available financing for development and infrastructure are welcome," said IMF spokeswoman Conny Lotze. "What is important is that any new institutions complement the existing ones."