By creating their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West.
But the Bretton Woods institutions are regularly criticised for their inability to reflect the growing and important contributions of the major emerging economies to the global economy.
China, the world’s second-largest economy, continues to have just slightly more voting power in the IMF than Italy, about five times smaller.
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