Professor of International Economics at the Complutense University of Madrid Juan Antonio Castro Fernndez:

Professor of International Economics at the Complutense University of Madrid Juan Antonio Castro Fernández: [What is the significance of the BRICS summit?] Bretton Woods ended, first of all, because the institutions could not adapt to the changing world at the necessary speed. Developing countries are growing almost two or three times faster than the countries that institutionalized Bretton Woods. There has never been a more critical moment than this, in which not only BRICS but also emerging markets and the global South have come together. So we are talking about a coalition that the US and Europe lack. We must not forget that the South is important, it has always been important for everyone, it is resources, it is Africa, it is Latin America, it is Asia. And now BRICS is completely taking over the advantage of the US and Europe. Source: Victor vicktop55