Introduction

In a rapidly evolving global landscape, economic powerhouses have been redefining their roles and reshaping the dynamics of the international order.

One such significant development is the emergence of the BRICS (Brazil, Russia, India, China, and South Africa) as a formidable alliance, with discussions about a new common currency gaining traction – although recent attempts have encountered headwinds..

This potential new currency holds the promise of altering the foundations of the existing world economic order, fuelling discussions about a new world order where the BRICS bloc could play a pivotal role.

The BRICS Alliance: A Force to Be Reckoned With

The BRICS alliance, originally brought together by the common goals of economic development, has steadily evolved into a geopolitical and economic powerhouse that challenges the status quo.

With combined GDP surpassing US$26.3 trillion and a significant portion (41.5%) of the world’s population, the BRICS nations wield substantial influence over global affairs.

BRICS expansion is on the table – and could eventually grow to include up to 85% of the global population.

This newfound influence has sparked discussions within the alliance about the feasibility of introducing a new common currency.

The Case for a BRICS Common Currency

The idea of a BRICS new commodity-backed currency, in speculative discussions, raises pertinent questions about th feasibility and implications of such a currency.

The question remains whether the “commodity” that backs it will be gold, or a basket of BRICS originated commodities.

Proponents argue that a common currency could bolster economic ties, eliminate exchange rate risks, and facilitate smoother trade and investment flows among member nations.

Additionally, a BRICS common currency could challenge the dominance of the US dollar as the world’s primary reserve currency, offering an alternative for nations seeking to diversify their reserves and mitigate exposure to currency fluctuations.

But what’s YOUR view on BRICS? A force to be reckoned with or a busted flush…? Please comment below…..


To be continued in Part 2 tomorrow.


Barry Eustance CMgr MCMI
Kotter Advanced Change Leader Certified
Principal Consultant – The Sixsess
Consultancy
Empowering Clients to Seize Opportunity
from Change

https://sixsess.org