Very interesting development occuring at the moment in China where the BRICS countries (Brazil, Russia, India, China and South Africa) are gathering to discuss increasing their influence in the world economy.
One of the items on the agenda is Russia's entry to the World Trade Organisation (WTO) as well as changes to the global financial system. They argue that the current financial crisis illustrates the weakness of the current monetary system with the dollar used as the world's most used currency.
The five countries represent 40% of the world's population and almost a fifth of world growth.
Well worth a read!
BRICS countries meet in China