Should the BRICs have a common currency?

In their push to dethrone the U.S. dollar as the world’s largest reserve currency, the BRICS nations—or Brazil, Russia, India, China, and South Africa—have been talking up the idea of a common currency for years.

What is BRICS in economics?

What is BRICS? BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy. South Africa was added to the list in 2010.

Should China de-dollarize a BRICS currency?

Together with other BRICS countries, China has also criticized the use of sanctions as a geopolitical weapon. The appeal of de-dollarization and a possible BRICS currency would be to mitigate such problems. Experts in the U.S. are deeply divided on its prospects.

Are BRICS a good alternative to a world order?

Argentina’s president, Alberto Fernández, was invited to a virtual meeting of BRICS nations last year. “The BRICS are, for my country, an excellent alternative for cooperation in the face of a world order that has been working for the benefit of a few,” he wrote to the organization in May 2022.