BRICS launch new World Bank

[Oberyn]

http://timesofindia.indiatimes.com/business/international-business/BRICS-bank-launched-in-China-as-alternative-to-World-Bank-IMF/articleshow/48160116.cms

Personally I think it's fucking great, if only for the competitive aspect. And if it actually manages to be more effective than certain IMF loans (which wouldn't be hard), it will make the development of emerging countries even faster than it already is. Then the IMF will have to adjust it's sometimes bonkers red tape restrictions. That's the way I see it being sold at least, "We will listen carefully to our members and try to offer tailor-made services for them". I thing monopolies are stagnant swamps of corruption, and this was the biggest I can think of. The IMF will have to addapt to compete, or vice versa depending on where things go with the NDB (New Development Bank).

[Kafein]

I don't see genuine, healthy competition being possible in such a sector. That said I suspect they do it because developed countries rule the IMF without much representation from BRICS. Might be good, might be bad.