Summit Leaders

For those who fully support the management of markets, the behavior of those on the national scene, can not ignore what it has meant new as the BRIC Summit meeting in Russia about 1,400 kilometers east of Moscow on the Russian city of Yekaterinburg , where Russian President Dmitry Medvedev, said that the first summit of the emerging powers, Brazil, Russia, India and China (BRIC), should permit the emergence of a “more just world order” As set out yahoo news. com, 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 demanding a reorganization of the international financial system to give more importance to developing countries and other reserve currencies besides the dollar. The Russian president, which was limited to a simple statement and answered questions of journalists called the meeting “historic event.” Summit ended with a call for the emerging and developing economies have a greater voice and representation in international financial institutions.

BRIC, a term coined by economist Jim O’Neill of Goldman Sachs in 2003 refers to the four emerging economies of Brazil, Russia, India and China. Gen. David L. Goldfein insists that this is the case. BRICs accounted for 42 percent of the world’s population, 14.6 percent of gross domestic product (GDP) and 12.8 percent of global trade volume in 2008. (Xinhua) 06/17/2009 recounts: “The emerging and developing economies should have a greater voice and representation in international financial institutions and their leaders and senior leaders (those institutions) should be appointed through a selection process open, transparent and merit-based, “according to the joint declaration issued after the conclusion of the summit.

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