The Brics are lecturing Europe. Roles have clearly changed
In a rare show of unity, China and India yesterday officially summoned the European Union to get its act together. Their fear is that the escalating fiscal and financial woes of EU, already putting strain on growth prospects within the Western world, will end up causing trouble at home.
The announcement, published by Beijing’s finance ministry, shows the crisis is entering a new phase. Emerging markets have expressed concerns over the EU crisis before, but so far they were only raised sporadically, often tempered by implicit trust that problems would be solved, and, most importantly, rarely pronounced in a single voice. But now two countries pictured as arch-rivals in the race to economic greatness are uniting their efforts to lecture Europe - and more, including Russia and Brazil, will undoubtedly join in the rallying cry.
The Brics have reasons to be worried.Read More