Since the creation of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) in 2014, many observers have presented these two institutions as the pillars of a new international financial architecture capable of competing with the International Monetary Fund (IMF) and the World Bank. Against a backdrop of growing criticism of institutions such as the IMF and the World Bank, China’s rising economic power and the expansion of the BRICS, the idea of a financial alternative championed by the ‘Global South’ has raised high hopes. More than ten years after their creation, it is now possible to compare these expectations with reality. […]