Brainstorming on BRICS bank
Updated: 2014-07-10 07:26
Comment on "'Time is ripe' for BRICS' own bank" (China Daily, July 8)
The first and foremost rule for a BRICS bank must be to avoid doubts and prevent arguments. Friendly consultations are meant for cooperation, not operation and governance.
Time should not be wasted on political haggling and the bank's view must be global, not regional or national. Usually a strong bank is complemented by a strong economic organization and a solid educational institution.
BRICS, therefore, should establish strong research and rating organizations to guide member states toward sustainable growth and political stability, and to suggest ways to conduct cross-border cooperation and joint ventures. This job, however, should not be handled by one country, because it could influence the outcome.
BRICS can create an entity to hold up to 65 percent of the bank's capital, and allow non-member states to take up to 35 percent of the stakes, for which Germany, Italy, Canada, Turkey and Indonesia are some potentially good candidates.
BIZTRU, from China Daily website
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(China Daily 07/10/2014 page9)