"The announcement of a new BRICS Bank displays the desire of emerging economies to move away from Washington D.C.-style lending institutions," writes Russell Green, international economics fellow. "But between India’s bureaucratic efficiency and China’s indifference to humanitarian, environmental and regional concerns, they resemble John F. Kennedy’s tart characterisation of the very place they hope to leave behind. Much work lies ahead for the creators of these new multilateral financial institutions before the first loan can be made."
