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BRICS to discuss creating new rating agency in March – Brazilian ambassador
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BRICS to discuss creating new rating agency in March – Brazilian ambassador
The contact group of BRICS experts will meet in March to discuss the idea of establishing an independent rating agency, said Brazilian Ambassador to Russia Jose Vallim Antonio Guerreiro. The agency would become an alternative to the western ‘big three’.
“A contact group on economic and trade issues is working at the expert level. The proposal to establish a rating agency within the BRICS has been placed before its consideration, and will be discussed in more detail in March at the next meeting of the contact group,” the diplomat said in an interview to RIA Wednesday.
Guerreiro said it’s early to predict the outcome of the meeting, as every decision should be weighed carefully. Still, in his view “such a possibility exists.” The question is how the procedures of existing rating agencies can be applicable to all economies, he said.
“The question is whether this procedure includes all the relevant factors. You may need to look for alternative indicators and broad approaches to assess the ‘health’ of economies,” he said. “I do not believe that the new agency will be something to resist the existing institutions. They do their job, and certainly, there is a demand for their services. But it is possible that the BRICS countries will elaborate a different approach.”….More Here
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