Monetary Easing in BRIC nations

Monetary easing seems to be the new trend among the BRIC (Brazil, Russia, India, China) nations. Brazil cut interest rates by 0.75% to 9% and signaled more rate cuts in the future. In a surprise move this week, the Reserve Bank of India (RBI) also cut rates by a 0.5%. The move was far more generous than what the market expected. China has also been in an easing mode, with media reports indicating a cut in bank's reserve requirements.

But, on the other hand, developed economies are being relatively tight fisted. The Bank of England took a hawkish stance and the European Central Bank (ECB) is in a monetary mess. Bank of Canada and the US Fed are also hawkish in their stance. Seeing a global slowdown, emerging markets are doing their best to try and revive their economies. On the other hand, developed countries are being more cautious. So is this a change in the world order? Or have the BRICs acted too soon?