From Delhi, Durban to Fortaleza : The Birth of New Development Bank and the Contingent Reserve Agreement

These are significant changes in the arena of international political economy since the advent of BRICS. These changes are reflected in the adjustments in the balance of power among the world's major economic actors as well as the emerging ones. Significant push factors aiding these changes are the various declarations by the BRIC formation necessitating this offering of a chronological narrative of analysis and definitive themes and events of the BRICS grouping after South Africa's first participation in Senya in 2011, and subsequently the New Delhi Summit (2012), the Durban Summit (2013) and the Fortaleza Summit (2014). The paper focuses on the events because of their particular importance in the BRICS formation. It unpacks the New Development Bank (NDB) and the creation of the Contingent Reserve Agreement, and analysed the implications of these establishments for the international monetary system against the claim that the establishment of these institutions may usher in a new architecture to the IMS, and subsequently pose a serious challenge to the hegemony of the West. Against the observation and analysis made, it then argues that that these establishments will not yet usher in a new architecture to the IMS since there is no new international money system created by the BRICS grouping. In addition, to a lesser extent, it offered an analysis of the emerging economies in the twenty-first century in the context of the BRICS countries.