Western media speaks out about BRICS's upcoming 'attack' on the US
(Baonghean.vn) - Les Echos magazine believes that the de-dollarization process is taking place strongly, and cannot be stopped, with the aim of creating a common currency for BRICS countries.
Les Echos magazine (France) believes that BRICS member countries (Russia, China, Brazil, South Africa, India) will accelerate the de-dollarization process, aiming to create a common currency for the group.
One of the key issues at the BRICS Summit in South Africa, scheduled for August 22-24, will be discussions on agreeing on a new currency.
“This group of five countries accounts for more than 40% of the world’s population, nearly a quarter of GDP and 15% of global trade. They have enough ambition for a common currency to protect a multipolar world – one that is not dominated by the United States. And in general, the dominance of Western countries will be a thing of the past,” said Claire Bargeles, a commentator for Les Echos.
BRICS is also exploring and diversifying ways to reduce its dependence on the US dollar, including increasing transactions in local currencies. In addition, the possibility of expanding the group and adding more member countries could also give “unexpected momentum” to this de-dollarization process.
Meanwhile, Head of the Integration and Macroeconomics Department of the Eurasian Economic Commission Sergey Glazyev described the creation of a supranational currency on the BRICS platform as a promising idea.
However, there are still many obstacles to overcome before these five countries want to escape the dominance of the “almighty” US dollar.
“There is a distinction to be made between a willingness to use local currencies to create alternative systems and mitigate risks, and a willingness to abandon the dollar altogether when faced with danger,” said Zongyuan Zoyi Liu, a fellow at the Council on Foreign Relations and co-author of the study “Can BRICS Dedollarize the Global Financial System?”
In any case, the idea of a new currency remains aspirational, not a reality, and the details of the future currency remain vague. “This is something that needs to be studied carefully,” South African Foreign Minister Naledi Pandor warned. “I don’t think we should just believe that this idea will work. The problem is that economic management is very complex. We need to take into account the views of all countries.”
