Michael has posted the article A BRICS+ Bank: How would it really function?

At Thursday’s Valdai Club meeting in Sochi, Russia’s President Putin explained how he viewed the needed restructuring. Contrary to much discussion in the West, what is planned is not a “BRICS currency,” but something much more limited: a means of settling payments imbalances along quite different lines from those that have led to today’s crisis.

This is from someone who I believe has the credentials to opine on this topic. The credentials are not from his degrees, which he has, but from the logic of his claims, and the history that he understands.