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International

Yekaterinburg, Russia

New bloc on the block: Brazil, Russia, India, and China called this week for a new “supernational currency’’ to rival the U.S. dollar at their first formal summit as the “BRIC” bloc of emerging economic powers. The four discussed ways to promote their own currencies as well as the development of a new international currency. “There can be no successful global currency system if the financial instruments that are used are denominated in only one currency,” said Russian President Dmitri Medvedev. “Today this is the case, and that currency is the dollar.” The term BRIC was first coined in 2001 by the investment bank Goldman Sachs, whose analysts argued that the economies of the four countries denoted by those initials were growing so fast, they could outpace the U.S., Europe, and Japan by 2050.

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