Historians may record that Brics mania reached its height during the 2014 football World Cup in Brazil. President Dilma Rousseff used the occasion to host a summit of the leaders of the five Brics: Brazil itself, Russia, India, China and South Africa. The formation of a new Brics development bank was announced, with its headquarters in Shanghai.

The only thing that spoiled Ms Rousseff’s Brics party was that it took place against the backdrop of the spectacular defeat of the Brazilian national team in the tournament – 7-1 to Germany. A few months later, it is beginning to feel as if the Brics may ultimately prove as much of a disappointment as the host side.

There are three big emerging problems with the Brics story. The first is economic. Three of the five nations involved – Brazil, Russia and South Africa – are floundering economically. This year’s Indian election was also fought against a backdrop of several years of disappointing economic growth. Of the Brics, China alone is still growing at more than 7 per cent a year – but it is in the midst of difficult reforms. Shared dynamism was meant to be the basis of the Brics story – but it has been lost, at least for the moment.