Daya Thussu is Professor of International Communication at the University of Westminster in London.By Daya ThussuLONDON, Jul 22 2015 (IPS)The formal opening of the BRICS Bank in Shanghai on Jul. 21 following the seventh summit of the world’s five leading emerging economies held recently in the Russian city of Ufa, demonstrates the speed with which an alternative global financial architecture is emerging.The idea of a development-oriented international bank was first floated by India at the 2012 BRICS summit in New Delhi but it is China’s financial muscle which has turned this idea into a reality.Daya ThussuThe New Development Bank (NDB), …read more
Source: Inter Press Service
