Ana Palacio is right about the real "significance of the BRICS", which may not see a huge increase of their global GDP any time soon. A decade ago, the group's acronym triggered widespread optimism, because Brazil, China and India made extraordinary strides in lifting their citizens out of poverty. Today much of this euphoria has dissipated in the face of high unemployment and income inequalities.

Brazil saw its credit-rating downgraded to junk status recently, and it had to cut spending and raise taxes to balance the budget. Russia is already in recession, but it has the benefit of massive savings, thanks to the good fortune of selling oil and gas in the high-price years. India has a fast-growing economy, but corruption and poverty are widespread and "important reforms" are urgently needed.

China is the leader of this pack, with an economy "nearly twice that of the rest of the BRICS combined, and roughly 30 times that of South Africa." Yet its economic slowdown could see the good times of emerging markets like Brazil and South Africa - which rely heavily on exports of natural resources - end. The lower demand in China has led to a slump in the price of commodities. In the case of South Africa, it grapples with huge social and economic problems.

No doubt many wondered ten years ago, whether BRICS would be a viable alternative to Western economic supremacy. Lacking cultural, economic and political coherences, the five member states - Brazil, Russia, India, China and South Africa - don't have enough in common. Yet they seem united to defy the neoliberal model of the developped world and to create their own institutions. The author points out that despite the mantra about "solidarity" between them and their "shared goals", they have failed to function as a "counterweight to the West". Outsiders see them more as rivals than allies - China and India have an unresolved border dispute, while China and Russia compete for hegemony in Central Asia etc.

BRICS have also "failed to fulfill their promise of international leadership". Yet China on its own, has long wanted to claim America's role as the world's uncontested hegemon one day. As the world's second largest economy, it has led much of the world into recession in recent months.

Now Ana Palacio urges "the US to rededicate itself to its international responsibilities", claiming "no other single power is in a position to take America’s place". Hence it's imperative that the US secures the current "international order". The GOP presidential candidates echo the same sentiments too!