The world is changing. The old order is falling apart. Europe no longer holds centre stage in the global economy. Brazil, Russia, India and China - the BRICs - are growing at a phenomenal rate. In the emerging economies, there are few debt problems, and certainly no stagnant growth.
The BRICs are also getting extremely annoyed at the reckless monetary policies of the so called advanced world. Brazil is leading the charge....
(Reuters) - Brazil will push for its large emerging-market peers including China to denounce what it sees as unfair monetary policies by Europe and the United States, raising the stakes in a global confrontation over economic imbalances.
Brazilian Trade and Industry Minister Fernando Pimentel told Reuters on Wednesday his country would seek such language in a communique at this week's BRICS summit, which brings together Brazil, Russia, India, China and South Africa.
Many analysts believe that Beijing artificially manipulates its currency but Pimentel said the biggest policy problems now are in the rich world.
"Today's (problem) doesn't have to do with China," he said in a 30-minute interview on the eve of the summit in New Delhi. "It has to do with the dollar and the euro."
Brazil accuses rich countries of causing a "monetary tsunami" by engaging in expansionist policies such as low interest rates and bond-buying programs.