Consider this entry a Johnny Come Lately or late to the party since much of this concept is already occurring from the last "BRICS" (Brazil, Russia, India, China, South Africa) summit was exploring a development bank to call their own. For its part the American World Bank has appointed its 12th President of Dr. Jim Yong Kim as of this past July 1st 2012. An Asian-American with a South Korean heritage to appease the BRICS demanding more accountability in global representation. The past 11 Presidents to the World Bank have all been white Caucasian males since its inception after WWII.
The IMF (International Monetary Fund) doesn't fare much better with its all past 10 Managing Directors being European men. At least until the appointment last year of the 1st Managing Director being the first European Caucasian woman as in Lady Christine LaGarde the former Minister of Finance in France. Christine LaGarde, did appoint as Deputy Managing Director a Mr. Zhu Min formerly the deputy governor of the Chinese Central Bank. Although the IMF purports of having 188 national state members all have been European Managing Directors. Talk about a continental nepotism as in a conflict of interest for such a prestigious global lending banking institution.
Article from "The Economic Times" dated March 7th 2012:
BRICS to explore setting up development bank
Article from "The New York Times" dated April 19th 2012:
BRICS Agitate for a Seat at the Table
Both of the articles above will give you the reader a glimpse as to this growing debate and fundamental initiative stemming from the predominant Asian's. Do take note of the very last paragraph from "The New York Times" article. Where a Mr. Xiang predicts roughly that the next global reserve currency will be the Chinese Renminbi or otherwise known as the Yuan in 20 years time. This coincides with my own sentiments on this very topic which I posted on this blog site on July 18th 2012.
Economic Analysis: China To Replace America As The Reserve Currency In 20 Years Time
As the IMF and the World Bank attempt to appease the Chinese rising power in the realm of economic clout. It is in my opinion "Too Little Too Late" for the burgeoning global banking bureaucracies to change or adapt quickly enough to satisfy the BRIC nations. Their loss becomes the blessing to the Asian National States if not to a lesser extent Brazil and South Africa.
My conceptualization below will strictly focus on the Asian Pacific Rim Nations and not the traditional BRICS. Both South America for the Brazilians and the continent of Africa for the South Africans may be united as emerging markets. However as a global regional bloc they are lacking in strength in regards to Chinese, Russian, and Indian economic Asian clout. The favor tips in the balance of Asia economically, politically, and historically in my view as the general consensus.
Instead of a BRICS developmental bank I'll coin my concept with the place holder name of the "Asian Pacific Rim Bank" (APRB). As the name indicates the Chinese will be the ones to do the heavy lifting to get this enterprise off the ground. So in the beginning the Chinese State will garner greater influence if not a favorable bias for its own agenda. Not unlike the World Bank that was founded by the United States of America. Founding member Nation States from the Asian Pacific Rim should be developing or developed countries such as: Russia, Singapore, Pakistan, Vietnam, Indonesia, Malaysia, Thailand, South Korea, Japan, etc.... Other more impoverished Asian Pacific Rim nations would be omitted such as Burma (Myanmar), Bangladesh, and North Korea for the obvious reasons of their 3rd world status. Due to their more higher need than to place capital outlay investments in order to launch such as an Asian developmental regional bloc banking institution.
Japan, would be offered a founding member status from the Chinese State. In order to provide at least economically speaking an extended olive branch of peace and mutual benefit. Taiwan, would be excluded due to the controversial lost province of its disputed national status. Hopefully in time the Chinese and Taiwanese come to some sort of understanding similar as to how the city of "Hong Kong" returned to the Chinese national fold.
China, for its part won't necessarily improve its human civil rights in the decades to come in this 21st century. This is not to say the Chinese Nation will not improve dramatically the economic consumer rights for its citizenry. That will gain a greater share of wealth and equity for the Chinese overall economic clout by its growing middle class. So it doesn't come as a surprise that Asian national states want to be properly represented culturally and have their own societal needs met head on. The "Asian Pacific Rim Bank" will follow the traditional missions of the World Bank and the IMF to a greater extent. Yet it may still have participation of the other two global banking institutions, but also have its proverbial cake and eat it too.