found it deep into debt brazil russia india china and south africa are the norm that europeans should get the job. all one knowing that european he's catching russia's eyes the head of cows it sounds a national bank it will go to mark john guy has been talking to r.t. to share his ideas on how the i.m.f. could get a much needed shot in the arm. then outside of his candidacy for the on math talk job just as big of a surprise to him asked of the rest of financial community we're going to be going washington quickly garnered support of a number of european countries including russia and is now ready to take on the role of not only suppressed candidate but also surprised when arts and i'm going marching to the current chief of kazakstan central bank joins us now on artsy thank you very much for your time sir you told reporters previously. you learned of all these announcements through the s.m.s. message how did it come about. was there must. be more than. financial sector also present for several messages for my work prime minister from what i understand there was a decision to come in af

providing transit it takes maybe i imagine yet to get it out the event is deep into debt brazil russia india china and south africa argue that the northern europeans should get the job. up next to developing gas on cross-talk to pay the future all up in southeast all knowledge she thought stay with us. please. liz. liz. can you see. the future. hello and welcome to cross talk i'm peter lavelle issues of relevance and even legitimacy as the jostling continues as to who will succeed the now disgraced dominique strauss kahn at the international monetary fund many still question the usefulness of this global financial institution is the i.m.f. a political tool of the west or an unfortunate messy place you can see. to cross-talk the role of the i.m.f. today i'm joined by peter chola in london he is a program manager at the bretton woods project also in london we have daniel ben-ami he is a journalist and author and in cambridge we cross to jeffrey frankel he's a professor of capital formation and growth at the harvard kennedy school ok gentlemen this is crosstalk that means you can jump in anytime one

thank you very much for being with us well earlier this month the brics countries which are brazil russia india china and south africa have agreed at the summit in china to establish what they called the mutual lines of credit in local currencies which but consequences do you think it will have for bilateral relations and will it affect the the u.s. dollar as a reserve currency the world reserve currency. i think that this summit brings. for thing both foreign and not only the bilateral relations between russia and china but the whole emerging power in the world that week or this is loud to polarity the world. in our emerging powers mind i don't think that. other countries they will be agree with this point and the currents over all say that to some extent i think that the emerging powers in the middle omer new states they want to be integrated more closely with each other and the currency i think the main point and the main content in it and as i know that well for a long time china and the russian government has been having discussing about the currency and especially in the energy field so having

you mention china, the brick companies, brazil, russia, india, china. what is the market like now in those regions? >> incredible. definitely at the high-end. you have to spend a lot of money to get though those places and to do them right. and most americans if they're going to go are going to go for a listening period. this is why it's become a great destination for the luxury traveler, especially a place like india. seeing great growth of new hotel offerings. and great infrastructure. and we see their big hotel chains like taj and oberoy spending to attract the american traveler by building new properties, upgrading existing properties, recognizing this is the high margin customer and they want that. >> we just spoke with prince awaleed and they have a number of properties around the world. what about europe? that's been stuck in the mud for a little while on an economic basis. that still the case as it relates to travel? >> well, americans have a love affair with europe. they can go to paris, they can go to rome, they can go to madrid over and over

remember with these resolutions that not everybody is happy to sign up to them for example brazil russia india china germany are all extensions this resolution to not have you know . backing and if it wasn't for the british and french in particular i don't think it would have been warm as strongly worded as it was but this resolution has then become pentasa shaped beyond all recognition really hasn't it i think there are real questions being raised i mean the reason for going in was concerned about the civilians of benghazi it was the humanitarian to continue like and that was a valid concern whether it was a valid justification for intervention is not the reason but what seems becoming apparent is that we now have the no fly zone in effect becoming the air force of the rebel fighters and theoretically this air force can provide cover all the way to tripoli and i question whether that was within the spirit of the resolution as it was originally filed and how do you feel about what hague and you pay have done to this resolution well you know at the end of the day i think it was for me anyway a reason

economies say it's someone else's turn or he's a really good reports of how the bric countries brazil russia india chinaand south africa are refusing to take no for an answer. it's a change they don't believe in with the former director dominic stores can out of the financial picture they're going to say she is looking for a suitable replacement and while the current financial situation in europe may suggest a new approach is needed to solve the problems by looks of it the i.m.f. will go in the other direction the weaker position and also the fact that there has been a longstanding deal between the united states and europe the u.s. will have the world bank and europe has the fun i'm sure the europeans would. all leading thinkers on the matter but at this juncture you still need someone familiar with the problems of the runner up is the french finance minister christine lagarde and while europeans heal her is one of the strongest economists in the euro zone some remain skeptical about her progress christine legarde comes the next. i think the short run i want. more of the same as long as they can sustain

bearing in mind the emerging economies the brics countries brazil russia india china. well i think it is important from a psychological perspective because i think the past sometimes matter but as you said and i think is in president obama's speech was a very long speech it was very deep in it there was a big section in there that really talked about the relationships and partnerships of the future that means that you've got to have not just obama cameron op eds with each other but you've got to have op eds written with the presidents of presume and the prime ministers of india and the president of russia and you know there's a whole new emerging set of global stakeholders that somewhat make anachronistic this precious u.s. u.k. relationship in the same sense that it was looked at in the past and i and as i said i think it's a good thing a healthy thing to move forward and to maintain good communications and to talk about the challenges of the future but know that there are going to be other people other players and other nations at the table and i've said also that th

of the supranational giants and so resented by emerging economies that representatives of brazil russia india china and south africa issued a joint statement calling the process of selection an obsolete britain convention and saying that adequate representation of emerging markets and developing members and the funds management is critical to its legitimacy and effectiveness there are other reasons that should prompt the i.m.f. to revisit its record and possibly revamp some of its policies just ask latin america which suffered a massive debt crisis in the one nine hundred eighty s. or asia which near them economic meltdown in the one nine hundred ninety s. all while the i.m.f. pushed those governments to adopt structural adjustment programs that consisted of to calling in economic reforms we've really been looking at this through our problems that our lives and most of our countries have not been subject i have met programs whether these are reasons enough to dismantle the institution and do away with the economic germany of the bretton woods system is still a matter for debate presently the i.m.f.

perhaps more importantly she's a european but leaders of the brics countries of course that is brazil russia india china and south africa they want to do away with all of that they want to scrap what they call obsolete unwritten conventions and they say that it's time for the world's largest developed developing economies to see one of their own at the helm of the i.m.f. so it is a time for a new era in global finance well joining me now to discuss this is robert naiman he's the policy director at just foreign policy robert thank you so much for joining us it's great to have you back now the brics countries as you well know represent nearly three billion people these are the rising powers of the new era and some say that it's really time to move beyond the era of western control of the i.m.f. what do you make of it. well it's not just these countries you know. people been campaigning for i.m.f. reform reform of the i.m.f. world there for years from around the world including in the west have criticized this arrangement the big back to the founding of the institutions in one thousand forty four where at

christine legarde is a candidate this time around he might not find it so easy but brics brazil russia india china and south africa have written an official letter reminding the i.m.f. that the world is changing and of the financial institutions leadership. needs to reflect that so if the brakes do indeed revolt considering that western nations are the ones over indebted and needing all the help right now what would the record questions be for europe could it be a little bit of payback joining me to discuss this is gregory y. editor of money game for the business insider greg thanks so much for joining us tonight for starters obviously europe is still reeling from the fact that dominique strauss kahn got involved in a massive sex scandal had to resign and they're looking for a new leadership but does this letter also shake things up a bit does it does that deliver another blow well it certainly makes it not an easy process for them to get christine legarde in charge it's probably still going to happen but it's certainly the bricks stepping forth and saying look we want to deal out of this we want

asking for a call from munich resting in debt brazil russia india and china say it's time for an outsider to get the job. one that one on european him scratching russia's eyes the head of the national bank program has been talking to r.t. and share his ideas on how that i could get a much needed shot in the arm. then outmanned of his candidacy for the automatic top dog seemed just as big of a surprise to him asked to the rest of financial community but a big warning martian could quickly garner the support of a number of its european countries including russia and is now ready to take on the role of not only a surprise candidate but also a surprise where are you going marching to the current chief of kazakstan central bank joins us now on our team thank you very much for your time sir you told reporters previously that. you learned about these announcements through the s.m.s. message how did it come about. was a must during the annual meeting or when a session devoid of financial sort of of present. or several messages from our prime minister. so i understand there was a decision taken af

challenging the tradition of appointing a european the head of the international monetary fund brazil russia india and china have joined with south africa to say the kind that it should be chosen on merit or both of them in their distress the developing countries should get a fair chance the idea was echoed by prime minister bertie the portion he spoke highly of the french finance minister christine lagarde candidacy is that it's all the e.u. members putin also gave his support to the head a cabinet stance national bank requiring much impact in an exclusive interview with r.t. trying to said it's only a matter of time before europe's monopoly of the job comes to an end. is very much a message that the developed countries in the european countries would like to maintain the status quo which is not necessarily for. changes in mood for fear of already started but probably do not go far enough now with millions of people dying from drugs something glaus and public awareness campaigns are not enough in the battle against the ball armed with their own methods russian vigilantes are on the warpath against drug dea

international monetary fund has always been a european before leading emerging economies that's brazil russia india and china have also joined with south africa to say the net should become fast one leader president of bennett stressed that developing countries should get a fair chance but the idea was echoed by prime minister vladimir putin is very highly of the french finance minister. under the sea is found by all the e.u. members but north gave his support to the head of talent firms national bank recorded not tanka well in an exclusive interview with our team are trying to settle the galaxy is a favorite it's a really a matter of time before your it's been not really on the job and it's. very much a message that the developed countries and the european countries would like to maintain the staples which is not necessarily for i think the changes that have. already started but probably they do not go far enough. well we'll bring you all of the interview with the head of counter-examples national bank around a candidate for the i.m.f. presidency on monday here on r.t. ok quick check now it's all the intern

international monetary fund has always been a european but the four leading emerging economies brazil russia india and china have joined with south africa to say the net should cost y. that possible stress that developing countries should get a fair chance in was echoed by understanding that he spoke highly of the french finance minister christine legarde ten of the sea is bad or even members of the second for support to the head of as it stands for national. action for an exclusive interview you know. that god is a favorite son a matter of time before us and not play on the job means. he stated sure. it is very much a message of the developed countries and the european countries would like to maintain the status quo which is not necessarily for here and i think the changes you name have for have already started probably do not go far enough. well there are more today's international stories we're covering for you the south nato air strike in afghanistan all that are held on the province has left at least fourteen people dead we're told it was insurgents that instead two civilian homes were struck and cause

challenging the tradition of appointing a european as head of the international monetary fund brazil russia india and china have joined africa to say the candidate should be chosen on marriage president didn't stress that developing countries should get a chance well the idea was there by prime minister benjamin who said he spoke hardly of the french finance minister christine legarde whose candidacy is balanced by all e.u. members but putin also gave his support to the head of cuz it sounds national but gordon marketing in an exclusive interview with r.t. must change that said it's only a matter of time before you're not clear of the true cons to read minds. it is very much a message that developed countries in the european countries would like to maintain . which is not necessary for. things the changes for already started but probably will not go far enough. some of the world's stories making headlines this hour now and two women and twelve children have been killed in afghanistan as well as whole helmand province by nato troops there's halakha it was supposed to be insurgents but instead civilian homes

international monetary fund has always been a year appear before leading a column is that brazil russia india and china have also joined with the africa to say the net should be cancelled by government president maybe added stress the developing countries should get a fair chance the idea was echoed by prime minister who said he spoke highly of the french finance minister christine lagarde candidacy is backed by all the e.u. members but putin also gave his support to the head has its stance national bank and the gory a mother in an exclusive interview with our savior martin said although it is a favorite it's only a matter of time before europe's monopoly on the job. is very much a message a developed country and the european countries would like to maintain the status quo which is not necessarily for. changes you know. already. but probably didn't go far enough. well we'll bring you our full interview with the head of patrick sands national bank and i counted it for the i.m.f. presidency on monday here on our take a check now on some of their international stories we're covering for you this hour and

boss of the international monetary fund is european for the fall leaving little commies brazil russia india and chinahave joined in south africa to say the net should be cast wider present better stress that developing countries should get a fair chance of the idea was echoed by mr freeman he spoke highly of the french finance minister is one of the see is backed by the new members of consonance and can support the head of kazakhstan's national bank who are watching an exclusive interview with r.t. martin sent in the card as a favorite sonia matter of time before you are not clear on the job ends. kamloops is very much a message that the developed countries and the european countries would like to maintain the status quo which is not necessarily fair and i think that changes in my for a lady. probably did not go far enough. in the face of a narcotic. russia has been upping the ante in its fight against drug trafficking and strict laws and a public awareness campaigns up and uses mixed results and that's not enough for some attorneys or international reports on those taking justice into their own pare

challenging the tradition of appointing a european as head of the international monetary fund brazil russia india and china joined with south africa to say the candidate should be chosen or merrett president vet of stress the developing country should get a fair chance the idea was echoed by promise to vladimir putin to he spoke highly of the french finance minister christine lagarde who's kind of a see is backed by all members who put it also gave his support of aid of classic sterns national bank grigori chunkier in this close of interview with our team our changes said it's only a matter of time before europe's monopoly of the job comes to an end he. says very nice a message that the developed countries in the european countries would like to maintain the status which is not necessarily for. changes and you. have already started but probably they do not go far enough. will use a brief now and two when twelve children have been killed in afghanistan also helmand province by nato troops the target was supposed to be insurgents but instead civilian homes were fired on nato says it was in retaliation for an

told to close the economy is in a period of rapid change the emerging nations of brazil russia india and particularly china are quickly overtaking the established economies but mark hughes and from reinventing bretton woods committee says this doesn't mean the world will be divided into a new start to winners and losers. we have to tackle three issues concrete exit you were a threat to your resume and those are the countries we have to face because each question goes through the social contract in the western wall and you know we have to face a new reality and it's going to be very difficult for people who wish to wall you can tell the population that they have to accept their privileges territory when you mean for you if you are a new concrete immersion where you see easy emergence of a middle class country you are want to consume water you will fly with the western countries finger it also hope that you will find the right framework between the western wall of the regime ok good can you win win situation. and here is this upshot of the market's performance the sound let's start with the price of oil like

character of the global economy is in a period of rapid change emerging nations of brazil russia india and particularly china ok overtaking the established economies but not from reinventing bretton woods committee says this is not mean that the world of a divided into a new set of winners and losers we have to tackle secure issues to country that's a good strategy your resume and those are the countries we have to face because each question is also the social contract get western wall until we have to face a new reality and it's going to be very difficult because the western wall even tells the population that you have to accept a credit for stereotypic windsor meantime if you have new countries emerging where you see these emergence of a middle class size of countries almost because she was twelve you will fly the western country as i think there is also hope that we find the right framework between the western wall is emerging market that can be when we situation. that's all for now but we'll be back with more that's the fifty that's for. if. the. man in the mansion would be so much brighter if you knew a

because of the global economy is in a period of rapid change the emerging nations of brazil russia india and particularly china i quickly overtaking the established economies but not reinventing bretton woods committee says this is not the world will be divided into a new set of winners and losers. we have to tackle street door issues to country to go back to your resume of those other countries we have to face because each question is also the social conflict in the western world and though we have to face a new reality and it's going to be very difficult for people the western wall you can tell the population that you have to accept a parade of austerity in the meantime if you have new countries immersion where you see z. versions of the middle class size of countries almost because she was will fly to western countries i think there is also hope that you will find the right framework between the western wall is emerging market it can be win win situation and. finally a bit of economic news russian manufacturing growth may be slowing down but the same is not true for services activity the sector has risen to