Development and Credit for Building a New Global Order

This article recapitulates and summarises recent agreements and ongoing projects intended to build a new international monetary, financial and economic order to replace the moribund Bretton Woods System. At the heart of this transition, the five BRICS member-countries have set up a network of new banks, funds and financial facilities to support massive new infrastructural and industrial projects and revive international development with innovative technology and philosophies for integrated, sustainable growth. The paper highlights the need for Europe not to remain outside this global process and to breakout of American control at a time when a declining US still seeks to block any perceived challenge to its preponderance.