BRIC nations (Brazil, Russia, India and China) called for a more diversified global monetary system, but apparently failed to reach consensus Tuesday on reducing the dominance of the U.S. dollar.

The four countries ended their first historic summit on Tuesday, seeking a greater role in global financial institutions.

In the two-day summit, Moscow tried to mount a new challenge to the U.S. dollars as the world's reserve currency, while China concerns that any anti-dollar statements could erode the value of its currency reserves.

No currency system can be successful if we have financial instruments denominated in just one currency, Russian President Dmitry Medvedev said at the summit.

We must strengthen the international financial system not only by making the dollar strong, but also by creating other reserve currencies, he said.

The so-called BRIC summit issued a statement that called for a more diversified international monetary system and a greater role for their four nations in making major global financial decisions.

A reformed financial and economic architecture should be based on a democratic and transparent decision-making and implementation process at the international financial organizations, the statement said.

The four BRIC countries account for 40% of the world’s population and 15% of the global economy, for which they claim a greater voice and representation at major institutions such as the International Monetary Fund (IMF) or the World Bank.

Analysts observe that the differences between BRIC nations far outweigh their common interests.

Brazil will host the next summit of the BRIC meeting in 2010.

Russia India China Dmitry Medvedev