BRICS Bank: A Challenge to the West?

In the 6th BRICS summit, two weeks back, the BRICS countries announced the formation of the New Development Bank or the BRICS Bank. Though the economic significance of this development is a matter of debate, many people are of the view that it will considerably change the political power paradigm of the world. In the following interview, Rajat M. Nag, Former Managing Director General of the Asian Development Bank (ADB), talks to Newsclick about this latest development and explains why he thinks it will tilt the balance of power in favour of the East.