Nearly 15 years after the BRICS coalition of major emerging economies was established in 2009, the group has yet to achieve its ambition of ousting the US dollar as the dominant global currency. Bu…
Nearly 15 years after the BRICS coalition of major emerging economies was established in 2009, the group has yet to achieve its ambition of ousting the US dollar as the dominant global currency.
Dollarization provides the US with outsized influence in shaping international financial policies and forces the global community to adapt to economic decisions made in Washington — and not the other way around. Russian Pres. Vladimir Putin attends the recent BRICS summit in South Africa, where the bloc of non-Western nations expanded its membership base and increased its goal to “de-dollarize” the global economy.As the BRICS summit made clear, the block’s leverage in the oil market has never been greater.
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