Russia Wants Faster BRICS Integration To Preempt Blocking By Western Powers

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BY FINTAN DUNNE - MONDAY, MARCH 18, 2013 

Ahead of a crucial meeting of the BRICS nations in Durban next week-- a Russian government report proposes speeding up the integration of the BRICS economies and bypassing existing international financial systems, in order to preempt Western powers' attempts to hamper BRICS development. 

The report will inform Russia’s national strategy and could lead the BRICS to greatly expand their existing proposals for a BRICS development bank. 

One recommendation of the report is a: "...partnership agreement between the [BRIC] nations’ stock exchanges and creation of a “virtual pool of reserves” 

That's effectively a proposal to set up a parallel BRICS organization to the World Bank, IMF and other western-dominated financial regulatory structures. 

The Russian expert report also proposes to "...create a bank for international settlements to assure safety to the economies of BRICS member countries...." 

A plan to create a new bank for international settlements? But there already is a bank for international settlements: the BIS. 

It remains to be seen if the BRICS will adopt the proposed Russian initiatives, but to underpin the vital nature of these issues, new Chinese President Xi Jinping will visit Moscow this week to meet with Pres. Vladimir Putin, 
ahead of the BRICS summit.

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