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INTERVIEW-BRIC to debate dollar role at Russia summit

Thu May 28, 2009 10:58pm IST
 
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* Brazil min. says BRIC to discuss dollar, global institutions * BRIC concerned about dollar role as reserve currency * BRIC may take unilateral action on currency

By Gleb Bryanski

MOSCOW, May 28 (Reuters) - The leaders of the biggest emerging market economies will debate the dominance of the U.S. dollar and developed nations' role in global institutions at a summit next month, a Brazilian official said on Thursday.

Brazil, Russia, India and China are trying to strengthen their clout as the producers of 15 percent of global output by building up their BRIC grouping into a powerful world player.

BRIC officials are meeting in Moscow this week to set out the summit agenda, which will include a wide rethink of global institutions, Brazilian Strategic Affairs Minister Roberto Mangabeira Unger told Reuters.

"What is now being proposed is that we go beyond the debate about political and economic issues within the regime and develop the debate about the regime," Mangabeira Unger said.

He said officials would discuss the role of the U.S. dollar, strengthening the G20 group, reshaping of the world trade regime, reform of the United Nations and nuclear disarmament.

Mangabeira Unger said BRIC countries were deeply concerned about the dollar being the world's sole reserve currency but that they did not want a new global monetary authority with wide discretionary powers.  Continued...

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