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The Role of BRICS in Shaping Global Financial Architecture: Directions and Potential for Cooperation
The given paper considers financial cooperation between the countries of the BRICS group in shaping the global financial architecture. The first chapter includes an overall evaluation of the BRICS countries in the framework of global governance and international financial institutions as well as an assessment of the impact the developing states have on the global financial architecture. Furthermore, key performance indicators of the BRICS countries and of the advanced states have been analyzed. The second chapter is dedicated to examining the financial initiatives of the BRICS group, namely a New Development Bank and a Currency reserve pool, as well as to estimating challenges and opportunities of a shift to a new single currency within the BRICS group. The third chapter touches upon a range of Russian projects in terms of financial cooperation with other BRICS countries and the upsides of this engagement.