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Is It Possible For Europe To Get Help From Brics Countries?

Author

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  • Mihai Dragu

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

Within the second decade of the month of September 2011, the Brazilian finance minister Guido Mantega advanced the idea that BRICS countries could offer help to Europe either through the International Monetary Fund or by buying up European bonds. Is this help hiding an interest from the BRICS countries side? I believe it is, because the European authorities have created a financial crisis that is already slowing the world economy and could potentially have even worse effects. In my opinion, this could hurt BRICS countries, including Brazil. I do believe that if the BRICS countries really want to give a hand to Europe, they can, eventually, offer zero or low interest loans in hard currency to the troubled countries. If this move is done correctly, it would allow to those damaged countries to escape the harmful conditions that the European authorities are imposing on them. Of course, Greece would have to default on a lot of its debt to take advantage of this alternative, but the other countries would not. In this way, the BRICS countries could help save Europe from this incompetence of their policymakers!

Suggested Citation

  • Mihai Dragu, 2011. "Is It Possible For Europe To Get Help From Brics Countries?," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(39), pages 206-210.
    • Handle: RePEc:aio:aucsse:v:1:y:2011:i:39:p:206-210
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    File URL: http://feaa.ucv.ro/AUCSSE/0039v1-031.pdf
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    References listed on IDEAS

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    1. Jayati Ghosh & Peter Havlik & Marcos Poplawski-Ribeiro & Waltraut Urban, 2009. "Models of BRICs' Economic Development and Challenges for EU Competitiveness," wiiw Research Reports 359, The Vienna Institute for International Economic Studies, wiiw.
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    More about this item

    Keywords

    BRICS; global crisis; emerging economies;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration

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