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European Union finance ministers will discuss changes to the EU's fiscal rules on Thursday and Friday to reach a deal, or at least bring positions closer, on a reform that offers countries tailor-made debt reduction paths and incentives to invest. The EU has a common currency - the euro - and the European Central Bank takes responsibility for a common monetary policy, but the bloc has no common fiscal policy. The fiscal rules, which limit government borrowing, are to ensure governments observe a common set of fiscal principles to prevent any irresponsible borrowing by one creating probl...

Originally comprising Brazil, Russia, India, and China, BRICS was coined by Goldman Sachs in the 1990s to encourage investment in emerging economies. South Africa, the first non-original member, aptly led a summit centered on group expansion.

The BRICS nations appear divided on the issue, as statements from the bloc's leaders last week indicated.

Brazil's president proposes common currency for BRICS nations

The idea of creating a BRICS common currency to rival the dollar has long been on the agenda of the emerging-market nations in the bloc.