What has a larger economy than the United States and six times as many people as the 450 million-strong, 27-nation European Union? The answer: the G4.

There is no formal grouping that goes by that name. But the quartet of industrial up-and-comers that are lumped together under the acronym 'BRIC' – Brazil, Russia, India and China – pack enough economic punch to justify their own 'G-something' sobriquet.

The usual cluster of rich nations may be dictating the agenda at this week’s G20 gathering. But they are up against a BRIC bloc that’s flexing its financial muscle like never before.

And on many issues, they wield what amounts to a veto. The BRIC countries assert that while they were not responsible for bringing about the financial crisis – Brazil’s president maintains that it was created by “white people with blue eyes” – any road to recovery will be a dead end unless they have a say in how it is built.

This is a dramatic reversal of fortune from just a decade ago, when the G20 came into being, in Germany. Back then, the G20 was merely a talking shop for finance ministers from the rich and developed world. A sort of geo-political courtesy to second-tier economies.

After this week’s G20 histrionics, it’s almost unthinkable that we’ll return to the cosy days of the G7 cabal anytime soon – at least not when it comes to cracking major global problems. While it may be too early to consign the G7 model to the ash heap, it seems that any summit-level gathering eviscerated of its BRICs will be less than a worthy quorum.

Bigger than the EU

Nor are the the BRIC countries false pretenders at the summit table: they are juggernauts in a global economy that relies heavily on their exporting prowess and, in China’s case, a gargantuan hoard of dollars used to buy up US debt.

Brazil accounts for 2.8% of global GDP; India, 4.7%, Russia, 3.2%; and China, a sky-scraping 11.4%. Mexico, which is not in the BRIC bloc, weighs in at a nothing-to-sneeze-at 2%.

And here's perhaps the most surprising part: while the European Union's 27 members make up 22.3% of the world economy, the BRIC, combined, add up to 22.1%; it’s breathing down the EU's back, but already ahead of the US, at 20.8% of the global economy.

A new currency?

This economic clout brings firm demands.

China and India want to see less protectionism in the rich world’s markets. China and its BRIC peers also want a bigger say in international lending bodies such as the IMF.

Russia and China, meanwhile, are tag-teaming to call for a new international reserve currency to supplant the dollar's dominance. The monetary issue is not officially on the G20 agenda, but it's likely to be aired in the wings, in meetings between various leaders.

Brazil would also like to see a hundred billion dollars put into a fund to promote international trade.

Many developing countries have been body-slammed by the crashing economy in the form of fleeing foreign investment, tighter bank lending and falling commodity prices.

They are now demanding remedial action to rectify the balance. And they’ll be ignored at the rich nations' own peril.