De-dollarization: the challenge of the BRICS countries
DOI:
https://doi.org/10.13133/2037-3651/18421Keywords:
dollar hegemony, international monetary system, BRICSAbstract
The Great Financial Crisis (GCF) of 2007-2009 showed the fragility of the dollar-centric international financial system. In response to this crisis, the BRICS group of countries (Brazil, Russia, India, China and South Africa), an alternative forum to the G7 aimed at reforming global financial governance, was born in 2009. Today the dollar is still firmly the hegemonic currency. Nevertheless, the use of bilateral agreements concluded in local currencies tends to strengthen the role of the currencies of the countries belonging to the BRICS community. This paper also explores the function that gold could play within an international monetary system in which the use of financial sanctions by the United States and its allies is increasingly frequent.
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