West's monetary policy hurting emerging economies

NEW DELHI - The BRICS countries Thursday expressed concerns over the monetary policy pursued by the Western countries, saying it has been hurting the emerging economies of the world.

According to a draft declaration by the BRICS, aggressive monetary easing by western central banks to revive growth in their economies is hurting emerging nations which are facing a rush of destabilizing capital inflows.

"Excessive liquidity because of the central bank actions has been spilling over into emerging economies, fostering excessive volatility in capital flows and commodity prices," according to the document.

It also says that the BRICS group wants steps to avoid escalation of the Iran oil crisis and favored a diplomatic resolution to the problem.

Leaders of Brazil, Russia, India, China and South Africa, the BRICS nations, are attending a one-day summit in the Indian capital.