"The first formal summit of the four emerging BRIC powers (Brazil, Russia, India and China) concluded in Russia Tuesday with calls for reform of international economic institutions and a curb on protectionism.... In a joint communique the leaders called for a stronger role in the world's shared financial institutions.... The main [issue] is the International Monetary Fund (IMF), where BRIC countries have few votes proportional to their influence...." [The Independent (UK)/Factiva]

Deutsche Welle adds that "...the four nations demanded that developing economies have a 'greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit-based selection process.'

'We also believe there is a strong need for a stable, predictable and more diversified international monetary system,' the statement continued, delivering a warning against the global domination of the US dollar as the world's standard reserve currency. [Deutsche Welle/Factiva]

Reuters writes that after the conference "...the Kremlin's top economic aide, Arkady Dvorkovich, said the IMF should expand the basket of its Special Drawing Rights (SDRs) to including the Chinese yuan, the Russian ruble and gold...." [Reuters/Factiva]