... discussions on the likely changes in the configuration of the global financial system, with scenarios ranging from a bi-polar system dominated by the dollar-yuan duopoly and various multipolar scenarios, involving among other possibilities the creation of a BRICS reserve currency. And it is the prospect of the creation of R5 – the provisional name for the would-be BRICS currency (all BRICS currencies start with the letter “R”) – that is shifting into the epicenter of the increasingly heated global ...
Throughout 2022 the theme of BRICS expansion has taken on notable momentum as China’s BRICS+ initiative has engendered increasing aspirations from some of the largest developing economies to join the BRICS grouping
Throughout 2022 the theme of BRICS expansion has taken on notable ...
... international monetary system will be increasingly geared towards the creation of new regional currencies that will aspire to take on a global reserve status
The start of the year 2023 was marked by a series of statements coming from representatives of BRICS countries concerning plans to create new currencies. In particular, Brazil’s President Lula called for the creation of common currencies among BRICS and MERCOSUR countries, while Russia’s Foreign Minister Sergey Lavrov stated that the creation ...
In 2022, Algeria not only enhanced its participation in regional international organizations; it also declared its ambitions on a different, higher or even global level
The application to join BRICS, hosting the LAS summit, the new international activity of Algeria, as well as the stance taken by its leadership in relation to the Russia-Ukraine crisis, make many observers turn their eyes to this North African nation, whose regional role was ...
... on Russia’s reserve assets in the hundreds of billions of dollars.
Such developments put into question the security of the dollar-centered international monetary system, rekindling discussions on the prospects of new reserve currencies such as the BRICS reserve currency. The new entrants in the international currency reserve space that are likely to emerge may include not only national reserve currencies but also currency baskets. If successful, these new entrants can transform the global monetary ...
... creation and developing an integrated approach to labor market policy (all these initiatives were launched in 2013 during Russia’s G20 chairmanship). Besides, Russia views G20 as a useful platform for strengthening economic policy coordination among the BRICS economies (all of BRICS are G20 members) as well as with other heavyweights of the Global South.
G20 evolution: What is the way ahead?
Yaroslav Lissovolik:
Integration along the North–South Axis: Opportunities for Coupling
Looking into the ...
... as the Global Security Initiative, the Belt and Road Initiative (BRI) and the Global Development Initiative. China has also actively pursued greater cooperation among the developing economies in the G20 as well as in other international fora such as BRICS/BRICS+. China's particular emphasis placed on openness and multilateral cooperation in the context of the Global Development Initiative as well as the BRICS+ framework has generated great enthusiasm across the Global South, with a rising number ...
The launching of a new reserve currency if successful will impart a transformational effect on the international financial system
The new BRICS reserve currency can act in concert with the stronger role performed by BRICS national currencies to take on a greater share of the total pie of currency transactions in the world economy, writes Valdai Club Programme Director Yaroslav Lissovolik....
... of the West that allow the rest of the G20 members to look for and eventually find those bold and non-standard solutions that will lead to a new, more just and equal world. Perhaps these decisions will be made within the framework of the G20 minus or BRICS plus, but necessarily by countries interested in real cooperation, and not in obtaining unilateral benefits. It is this difficult year when the foundation can be laid for a stable world order without unilateral mandates, and with mutual respect ...
... conditionally soft forms of interstate cooperation, based on common interests and the desire to promote them by joint efforts. They are open and inclusive, have a variable geometry and a huge potential for further development, coming from life. The SCO, BRICS and EAEU are vivid embodiments of this trend. They oppose the cumbersome military-political alliances inherited from the past, with strict allied discipline, which were created to wage wars: this is the main reason for the crisis of NATO, which ...
