By Devaki Jain* | IDN-InDepth NewsViewpoint
GENEVA (IDN) – For those of us who participated in the South Commission and in the preparation of its report and recommendations, the announcement of the setting up of the BRICS bank, at the BRICS summit in Durban, is a moment not only to celebrate but to reflect (BRICS comprises Brazil, Russia, India, China and South Africa). Further, its raison d’etre being to claim some autonomy from the traditional Bretton Woods Institutions is heartening. This was in fact the reasoning behind the South Commission’s recommendation, in chapter four of the report, ‘A challenge to the South’, which was released in 1990.