div class="content user-select-text" tabindex="0" aria-description="" aria-label="Sent by Copilot: **Turkey Seeks BRICS Membership to Expand Global Influence** Turkey has formally applied to join the BRICS group of emerging-market nations, aiming to enhance its global influence and establish new ties beyond its traditional Western allies. President Recep Tayyip Erdogan's administration views the geopolitical center of gravity as shifting away from developed economies. This diplomatic push reflects Turkey's aspirations to cultivate relationships in a multipolar world while maintaining its commitments as a key NATO member. Frustrated by the lack of progress in its bid to join the European Union, Turkey submitted its BRICS application months ago. The move also stems from rifts with NATO members after Turkey maintained close ties with Russia following its 2022 invasion of Ukraine. Erdogan emphasized the importance of balancing relations with both the East and the West, stating, "Turkey can become a strong, prosperous, prestigious, and effective country if it improves its relations with the East and the West simultaneously." The BRICS group, which includes Brazil, Russia, India, China, and South Africa, recently expanded to include Iran, the UAE, Ethiopia, and Egypt. Further enlargement, potentially including Turkey, may be discussed at a summit in Kazan, Russia, from October 22-24. BRICS positions itself as an alternative to Western-dominated institutions like the World Bank and IMF, offering new members access to financing and broader political and trading relationships. Turkey believes BRICS membership could enhance economic cooperation with Russia and China and position it as a trade conduit between the EU and Asia. Despite this, Turkey continues efforts to rejuvenate EU membership talks, which remain a strategic target. Foreign Minister Hakan Fidan highlighted the importance of BRICS in diversifying global economic approaches and identities. --- Would you like more details on any specific aspect of Turkey's BRICS application or its broader diplomatic efforts?" Eurozone banks should account for geopolitical risks in their capital planning and business decisions, according to Claudia Buch, the European Central Bank's top supervisor. Speaking to European lawmakers on Monday, Buch highlighted the impact of geopolitical events on credit, liquidity, market, and operational risks, citing disruptions in value chains and third-party services. "Banks must therefore use scenario analyses and factor uncertainties into their capital planning," Buch emphasised. She also suggested that banks might need to reassess their geographical exposures and outsourcing strategies to better manage these risks.
