Courtesy: Wikipedia
The New Development Bank initiated by BRICS countries can reform and democratise global economic governance. But to reach this goal, in this critical period when the bank is preparing to operationalise, it must formulate an innovative institutional design. This article outlines four guiding principles for such a structure
Courtesy: Milos Bicanski (Getty Images)
With the Eurozone portion of Greece’s $276 billion bailout credit expiring on June 30, Europe is in the midst of a standoff over this unsustainable debt. But it is only the latest in a number of Eurozone crises since 2008, and if the prospects for economic growth remain dim, how will the EU address its interlocking problems?
Courtesy: Amit Dave (Reuters)
Conjecture about a Rosneft-Essar deal shows how the oil market dynamics have shifted in the past few years. Just as supply security is important to oil buyers, demand security is crucial for oil suppliers. Buying refining and marketing assets in big markets like India is the route to demand security for Russia, whose economy depends on petroleum exports.
Courtesy: U.S. State department/Flickr
With the EU, Iran, and other entities taking decisive steps on April 2 to ensure a non-nuclear Iran, President Obama must now counter interests in the U.S. that want to stymie the final agreement. But having come this far, and considering the comprehensive benefits of an agreement, all sides are sure to deliver
With the crisis in Ukraine worsening, Europe seems to have realised that the solution is not military, though the U.S may push to send in arms. Although no country wants a war with Russia, the conflict over Ukraine between the West and Russia could escalate. What are the future scenarios for the region and with what global implications?
Courtesy: RIA-Novosti, Mikhail Klimentyev, Presidential Press Service
A fall in oil prices has pushed down the values of oil companies globally, giving India a rare chance to acquire assets cheap and hedge its economy against future increases in energy prices. There are plenty of plum assets to pick from—such as Rosneft, the state-owned Russian oil major
Courtesy: MEA/Government of India
The India-Russia nuclear agreement envisages 12 nuclear reactors to be built in India. These will help India shift its energy mix towards nuclear power, which is cheaper than coal and less polluting
Courtesy: nasa.gov
Space exploration may take a hit as terrestrial politics plays spoilsport with the U.S. government spearheading a sanctions programme against Russia. With China pursuing an independent space programme of its own, Russia’s departure from the effort may mark the beginning of a divided space once again after the Cold War
Courtesy: wikimedia
Globally, metropolitan cities are becoming powerful centres that sustain entire countries. In the case of Mumbai, the government can work backwards by stitching the infrastructure and governance together. The tried-and-tested technique is to host an international institution or event. Gateway House argues that Mumbai is most appropriate to be home to the headquarters of BRICS
Courtesy: wikimedia
The fall in oil prices is creating new complexities for the energy exporting economies of West Asia. With smaller profits, these countries may not be able to buy off political dissent at home and fund client governments and rebels abroad. Lower energy prices could also mean a renewed chance for peace
