BRICS Mechanism and International Financial Governance Reform

The global financial crisis in 2008 thoroughly exposed the shortcomings of the existing international financial system, followed by rising initiatives on the international financial governance system reform. Unlike previous reforms, emerging economies as a group have gradually become an important participant in the current round of international financial reform, especially with the BRICS countries as the main representative. This paper argues that the BRICS mechanism is in a trial period, and whether it is capable to form a cohesive institutional actor to participate in international financial governance, and to completely change the long-term situation of international financial affairs dominated by developed countries under the framework of the G-20 depends on whether BRICS member states can continue to maintain a rapid economic development, to create a strong convergence of interests and to maintain a relatively closed nature of the mechanism.