Emerging nations push for say in global economy

The United States and Europe, which have long dominated the Washington-based international institutions, acknowledge the growing clout of the emerging market economies such as China and Brazil but are loathe to part with their power.

Brazil, Russia, India and China, the so-called BRIC club of big emerging economies, called for swift reforms in the global institutions when their leaders gathered in Brasilia last week ahead of key financial meetings in Washington.