BRICS countries are considering the possibility of creating a common unit of account as an alternative to the U.S. dollar. While a single currency like the EU is not being pursued, the focus is on unified settlement systems and conducting trade in national currencies. The discussions are taking place during the BRICS summit in Johannesburg. The main points are as follows:
1. Potential for a common unit of account: BRICS countries are exploring the idea of a unified settlement system that would serve as an alternative to the U.S. dollar.
2. Emphasis on national currencies: The focus is on conducting trade in national currencies to reduce dependence on the U.S. dollar and avoid the influence of a centralized issuing center.
3. Intensive consultations: BRICS countries have been engaging in intensive discussions about the possibility of a single currency, but no decision has been made yet.
4. Encouraging the use of local currencies: The foreign ministers of the BRICS states have announced a plan to promote the use of local currencies in international trade.
5. Expansion of national currencies: The bloc is focused on expanding the use of national currencies while considering the concept of a BRICS currency.
In conclusion, while the creation of a common unit of account for BRICS countries is being discussed, the current focus is on trade in national currencies. The aim is to reduce reliance on the U.S. dollar and explore alternatives that can benefit the BRICS member states.
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