Emerging economies could play a bigger role in the collaborative effort to stem the economic crisis even as most of these countries are still cautious of the protracted crisis in Europe and the possibility that it will spread to neighbouring regions.

Last month, Brazilian Finance Minister Guido Mantega voiced his country's apprehensions over an impending intensification of the adverse conditions in Europe and likely effects on developing nations, the Global Times reported.

The so-called BRICS countries -- Brazil, Russia, India, China and South Africa -- met in Washington recently to discuss possible areas of economic cooperation, recording higher growth rates and coping with the effects of the crisis on international markets and their respective countries.

Three years ago, France has proposed that emerging economies such as Brazil be allowed formal representation in organizations like the G8 club of industrialised nations, according to BBC News.

BRICS has already called for more clear-cut reforms of institutions such as the International Monetary Fund to extend additional authority to developing economies since these have reserves worth trillions of dollars which could help IMF to give protection to smaller countries threatened by the crisis.

However, in a turn of events, Brazil threw out the idea of purchasing euro bonds to alleviate the debt crisis, spreading scepticism that emerging economies are ready to offer financial help for the beleaguered euro zone.

BBC News said EU leaders have put forward the possibility that developing nations including Brazil and China could provide funding to buy euro zone bonds, which would help lower yields and ease pressure on countries such as Spain and Italy.

Instead, Mantega countered by stating that Europe should solve its rapidly increasing fiscal problems, saying Brazil had no immediate plans to make such purchases.

A positive development, though, is the Brazilian minister's declaration that his country would be agreeable to give financial assistance through the IMF.

The BBC also divulged that Brazilian officials earlier this year floated a plan to buy European debt along with other BRICS nations but backed away after lukewarm response from the group.

"Analysts said that move was improbable to begin with, assuming that Brazil would not be capable of putting up sufficient funds to have a serious effect on the crisis, and could be legally prevented from using reserves to buy debt that faces a high or moderate risk of default," the BBC reported.