Word: bric
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Dates: during 2000-2009
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...policymaking committee's other critical task is to reform the IMF itself. Its 24-member executive board is dominated by Western nations, and doesn't take into account the rise of new powers like Brazil, Russia, India and China - the "BRIC" nations. Under a complex system of voting rights, Italy has greater clout than Russia or India. "Belgium and the Netherlands have one seat each, the same as Brazil, which is totally absurd," says Cornell's Prasad...
Geithner has said he'd like to see the board reduced to 20 seats, with more say for the BRIC bloc. Although that makes economic sense, it will be very hard to achieve, warns Prasad: "It's a zero-sum game: for someone to gain a bigger role, someone else has to lose theirs...
Egypt is not a BRIC nation, which may make Boutros-Ghali the ideal man for the position, says Desmond Lachman, an expert on multilateral lending institutions at the American Enterprise Institute: "If the Chinese wanted [the chair of the policy committee], there would have been friction with other emerging economies, like India. Boutros-Ghali, coming from a smaller country, can be even-handed...
Cooperation was certainly difficult to establish, mainly due to the growing influence of the BRIC countries (Brazil, Russia, India, and China), which are starting to throw a little weight around (though substantially less in Russia’s case). The heydays of the Group of 8 are over, and almost everything proposed at the summit had to get past the emerging economies. Case in point: When Sarkozy proposed a global crackdown on tax-heavens, it was Chinese, not American, opposition that cut down the proposal substantially so it could protect financial centers in Hong Kong and Macao...
...building—who pointed out 11 separate tagging sites on the building. BPD spokesman Joseph Zanoli said that the vandalism is believed to have taken place between 6 p.m. on Thursday and 6 a.m. on Friday. The incident is currently being investigated by the Boston Regional Intelligence Center (BRIC), which “focuses on the intersection of high impact criminal activities, locations, and people,” according to the Boston Police Department Web site. Zanoli said that BRIC’s involvement with this case suggests that the incident was the result of gang activity...