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As a result of the frustration of not being let join the top table of the Bretton Woods institutions, the BRICS grouping and its members have gone about setting up their own new IFIs in recent years, as an implicit challenge to the hegemony and financial control of traditional Western powers. While they have often used the language of South-‐South solidarity, and of transforming global dynamics to more genuinely address and include the needs and wants of the majority of the world living in the Global South, but many still see the BRICS financial projects as reflecting not a desire for radical economic transformation, but a wish to establish themselves as new hegemonic global powers, and assert the same control of international economic dynamics that Western powers previously had.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
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