How about a European Union for BRIC nations? Can these diverse economies work together? Well, leaders from the major emerging economies may be planning to create a joint forex reserves pool and an infrastructure bank. Brazil is leading the effort on the proposed reserve pool. India and South Africa are working on the creation of the development bank which would finance mainly infrastructure projects. Emerging market nations are frustrated at having to rely on the World Bank and IMF for their needs. These organizations still reflect the interests of the US and other industrialized countries which have a bigger representation. The reserve pool would be available to emerging economies facing balance of payments difficulties. Or it could be used to stabilize economies during periods of global financial crises. The infra bank would support the developing nations' need for new roads, modern ports, reliable power and rail services. Well, we really hope these proposals take of f the ground. China has moved light-years ahead in terms of infrastructure. The other nations, especially India have a lot to catch up on.