BRICS to discuss how to help EU

Updated: 2011-09-14 09:26:00

(Xinhua)

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RIO DE JANEIRO, September 13 (Xinhua) -- Brazil's Finance Minister Guido Mantega said here on Tuesday that the BRICS countries will hold a meeting to discuss how to help the European Union (EU) overcome its current economic crisis.

"We will meet next week in Washington to decide how to help the European Union to get out of this situation," he said.

The BRICS, formed by Brazil, Russia, India, China, and South Africa, is being regarded as more successful in dealing with the crisis than the developed nations.

According to Brazilian governmental news agency Agencia Brasil, the BRICS countries may discuss whether to increase the share of euro bonds in their Forex reserves.

The Brazilian financial daily Valor also said the leading emerging economies were expected to put forward a plan to help stabilize the global economy and markets.

The paper said one idea being floated is to increase the reserves of the emerging markets of their assets in euros to ease the debt crisis in the EU nations.

It added BRICS nations will be ready to boost holdings in only the most solid eurozone nations such as Germany, and could also invest in bonds issued by Britain, a non-euro zone country.

The BRICS meeting is set for September 22.

Meanwhile, the annual meeting of the International Monetary Fund (IMF) will take place in Washington on September 23 to 25, which will discuss the current crisis in the developed world and its effects on the global economy.