When my own country Austria joined the EU about a quarter century ago, I was elated. I believed in the grand European project as a matter of principle. Bigger was better – how very naive I was. BRICS looks to me like a desperate attempt at creating artificial relevance. Russia’s economy is in tatters, China is on the brink of the mother of all defaults, and South Africa and Brazil are plagued by internal debacles of varying complexity. The only economy in the BRICS thats looks promising is India with its geopolitical location and its healthy population growth. If membership in a club is only grandstanding, it should be foregone.
The BRICS have been catapulted into a position of being the only constellation of forces that challenges the global economic dominance of the G7 developed countries bloc.