Third, the creation of the BRICS Development Bank and the Contingent Reserve Arrangement reflects the emerging powers’ intention and determination to challenge the existing world order. The Associated Press reported that the BRICS markets can no longer tolerate US dominance over the financial system, and therefore decided to establish their own “World Bank” and “International Monetary Fund.” Harold Trinkunas of Brookings argues that the BRICS are seeking alternatives to the existing world order, and share a common wish to have a greater say in global economic policy-making. Each country suffered from the western dominance over the financial system. In order to fulfill the harsh requirements of the IMF, those countries either confronted Western economic sanctions, or were forced to cut their budget.