The current international monetary order is failing to provide the necessary tools to cope with episodes of capital flow volatility. In the short term, the BRICS countries should step in and take steps to address this issue. In the long run, they should seek to reform the monetary system and promote international financial stability.

The organization BRICS faces challenges defining a mutual mission. Although these five emerging economies pride themselves on forming the first important non-Western global initiative with the aim to end the era of Atlantic dominance, the grouping is still searching to define a common identity and build institutionalized cooperation. Additionally, the Goa summit indeed was a reminder of China’s lengthening shadow over BRICS. China’s motives reflect a domineering power in the organization through its efforts to assert regional dominance, and the BRICS organization, coupled by a lack of common interest, struggles to establish legitimacy.

Uniting and representing a great number of developing countries, BRICS will continue to be a major dialogue partner of the G7 on the G20 platform. BRICS is eager for international peace and stability, and it calls for a fairer and more reasonable international order and its due say in international affairs.

While international media focuses on Brazil’s mass demonstrations against corruption, efforts behind the façade precipitate regime change, restoration of a pre-Lula order, and a struggle against the BRICS nations. The U.S. feels threatened by an era of multipolarity, which deeply implicates China, and other emerging economies.

Far from competing with US interests, the two meetings offer blueprints for more and better cooperation with Washington in a new world order.

The partnership of developing countries offers a benign counterweight to Western dominance in the world, and can help shape a “new normal” in international relations.

As the focus of the West was fixed in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.

In October 2013, during a visit to Indonesia, Chinese President Xi Jinping announced the launching of the New 21st Century Maritime Silk Road, just one month after announcing the New Silk Road Economic Belt, while on a visit to Kazakhstan. These two initiatives, followed in 2014 by the plan to put together the BRICS New Development Bank and China’s establishment of the Asian Infrastructure Investment Bank that Fall, constitute a new paradigm for mankind.

The current international situation is rife with change, uncertainty and crisis in the Middle East, Asian Pacific, and Europe, largely due to shifting world power. Chen Xiangyang overviews changes and contradictions around the globe from a realist perspective on power relations.

China’s Foreign Minister Wang Yi recently presided over a discussion on international security at the UN in New York. The principle of unity and multilateral cooperation, the basis of the original UN Charter, was the foreground to China’s continued calls for cooperation on investments, terrorism, and military trust mechanisms.