This week, the countries that make up the BRIC group–Brazil, Russia, India, and China–are meeting in Russia for the first formal BRIC gathering. These four countries include 15% of the world’s economy and 40% of the world’s currency reserves, and are becoming increasingly more important in the international scene.

The BRIC countries’ leaders will discuss ways to change the world financial system, the role of the dollar, and the global financial crisis. The issue of the dollar as the world’s central currency is of particular importance, since some BRIC members would like it to be replaced, especially given the current economic climate and U.S. debt.

Despite the fact that it is a landmark meeting, experts believe few concrete measures will come out of the summit.