The creation of a BRICS currency has become throughout the past year one of the headline themes related not only to BRICS, but also the global financial markets. Along with the skepticism coming from most of the pundits from the developed world there is also an enormous number of misconceptions and unsubstantiated claims of the speedy “demise of the dollar” and the crumbling of the global financial system due to the creation of a common BRICS currency. In reality the actual scenario and the modalities of the introduction of such a currency are yet to be determined and it could well be that in the first stages of the launching of the BRICS currency it could take the form of an accounting unit rather than a full-fledged international transactions currency. But even in the guise of a unit of account for the economies of the Global South the R5 (taking its name from the first letters of BRICS respective currencies) could have a…
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