"BRIC Eountries" Rise And Changes To The International Financial System

2008global financial crisis and its serious political and economic consequences,that fully demonstrates that the existing international financial system is no longerdominated by the Western developed countries can not meet the financial needs of thedevelopment of world economy, the international community must be a profoundreform of its. At present, Europe and the United States and developed countries indeep economic difficulties brought about by the financial crisis, unable to extricatethemselves, and "BRIC countries" to move rapidly to recover, and a strong rise, thatincreasing contribution to world economic growth.Western developed countries as the vested interests of the existing internationalfinancial system, and certainly will not make fundamental changes to the existinginternational financial system, it will only carry out minor repairs, which is veryunfavorable to the world economy, financial development. Thus, the burden of changeof the international financial system, which mainly undertakes the body "BRIC five"as the representative of emerging economies. The "BRIC five" countries play anincreasingly important role in the transformation process of the international financialsystem, is a common expectation in the world. The current international financialsystem, the transfer of power in showing that the US-led Western developed countriespower to decline the upward trend of emerging market "BRIC countries" as therepresentative of state power.Of course, the "BRIC five" in the process of changes in the international financialsystem is not easy, there will be many difficulties. This includes multilateralcooperation between the "BRIC countries" is difficult to effectively expand thepolitical, economic and cultural differences among the five countries, the inherentinstability of the international financial system, the obstruction of the developedcountries as those with vested interests and the "BRIC countries" economic andfinancial system problems, and so on. The "BRIC countries" in order to play animportant role in the transformation of the international financial system and in thefuture international financial system in place to overcome these difficulties.