BRICS inventor says as a group BRICS has achieved very little over the past 15 years

Then-Goldman Sachs chief economist Jim O’Neill introduced the term BRIC in 2001. He was referring to the growth potential of Brazil, Russia, India and China and the need to reform global governance to include them.

O’Neill doesn’t think much of the grouping now. Speaking with Reuters:

• “The idea that the BRICS can be some genuine global economic club, it’s obviously a bit out there with the fairies”
• basically a symbolic annual gathering
• on BRICS developing some alternative to the USD …. O’Neill people had been talking about alternatives to the dollar since he started out in finance
• “I will take the BRICS group seriously when I see signs that the two countries that really matter – China and India – are actually really trying to agree on things, rather than effectively trying to confront each other all the time.”

Here is the Reuters link for more info if you are interested.

This article was written by Eamonn Sheridan at www.forexlive.com.