Im betting the incentives will be worse. 
The countries trying to get in are not the most stable. 
And its not like they have strong ties with each other, or trade agreements. 


It'll have the same poor incentives as the EU, but with much worse actors who have no cultural or geographic ties to each other. I expect it to fail much faster than the EU is.

Undisciplined

I feel that they are going to start strong, then they are going to lend too much money. 
It will just collapse on itself. 


Satosora

econ

The American tradition of abolishing central banks

That's largely how I feel too. The question is just how far BRICS makes it before it fails.