WASHINGTON D.C.: By creating their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West.

For the past 70 years, the International Monetary Fund (IMF) and the World Bank (WB) have been the pillars of the world’s economic system, coming to the rescue of countries in trouble and supporting development projects, respectively.

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