CB: I see your point about BRIC being a construct of Goldman Sachs, but I've also heard people say that if it didn't exist then somebody would have to invent it. DS: I would think that there are enough similarities that it is worthwhile discussing policy responses together. Not on all issues.
In the short term, support for domestic demand through public works programmes is necessary. The banking system, which has been greatly strengthened in the last decade by privatizations and extensive restructuring, is committed to sustaining firms that are sound and profitable but too small to confront today’s increasingly fierce international competition.