Following the 2008 global recession, five major emerging economies Brazil, Russia, India, China and South Africa joined hands to form the BRICS group in 2011. The bloc held a crucial meeting in Goa recently. Its top highlight was the pledge taken by the members to fast-track establishment of a new ratings agency as the existing ones — Moody’s, Standard …

  There is good news when it comes to China’s scary and still-growing pile of debt: At least the government recognizes the problem. Its attempts to mitigate those risks, however, seem doomed to fall short. The government’s recent decision to create a market for credit default swaps is a case in point. The idea, as elsewhere, is to give banks …

  Will Italy follow the U.K.’s example and leave the European Union? Far-fetched as it may seem, capital flows suggest that some people aren’t waiting to find out. To keep the euro area’s accounts in balance, Europe’s central banks track flows of money among the members of the currency union. If, for example, a depositor moves 100 euros from Italy …