Key:
"World confidence in the American economy"
WASHINGTON — Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.
Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.
At a summit Tuesday through Thursday in Brazil, the five countries will unveil their version of the IMF: a $100 billion fund to fight financial crises, called the Contingent Reserve Arrangement. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.
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