BRICS Finance Ministers Meeting 2009: September 4, London, United Kingdom

The BRICS Finance Ministers Meeting on September 4, 2009, in London, United Kingdom, was a significant event in the early development of BRICS cooperation. Here are the key details about this meeting:
  1. Participants: The meeting included Finance Ministers and Central Bank Governors from Brazil, Russia, India, and China (BRIC countries, as South Africa had not yet joined).
  2. Context: This meeting took place on the occasion of the G-20 Finance Ministers and Central Bank Governors Meeting in London.
  3. Agenda: The BRIC representatives discussed several important topics:
    • The current state of the world economy
    • Fiscal and monetary policy responses in BRIC countries
    • Proposals for the upcoming G-20 Ministerial Meeting and Leaders’ Summit
    • Reform of international financial institutions. Key outcomes:
      • The ministers noted the first signs of global economic improvement but cautioned that it was too early to declare the end of the crisis.
      • They emphasized the resilience of emerging market economies in helping absorb the impact of the crisis.
      • The group agreed to commission a study from their finance ministries and central banks regarding the future of the world economy and the role of BRIC countries.
      • They called for continued implementation of coordinated countercyclical fiscal and monetary policies.
      • The ministers expressed support for an open and merit-based selection process for IMF and World Bank leadership.
      • They discussed the need to expand the capital base and improve governance at the World Bank.
  4. Climate change: The group expressed hope for a positive outcome at the upcoming UN climate change conference in Copenhagen and reaffirmed the importance of the UNFCCC in climate finance negotiations.
  5. G-20 role: The BRIC ministers emphasized the importance of consolidating the G-20’s role as an effective mechanism for international deliberation on global economic and financial affairs.
This meeting was significant as it demonstrated the growing coordination and influence of the BRIC countries in global economic governance, particularly in the context of the 2008-2009 financial crisis and its aftermath.
 
 
 
 
 
 
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