Jim O’Neill Is Right — But He’s Looking at the Wrong Battlefield Jim O’Neill recently poured cold water on the idea of a unified BRICS currency replacing the U.S. dollar. He argues that: China won’t surrender central bank sovereignty. A euro-style BRICS monetary union is unrealistic. Political cohesion inside the bloc remains weak. On those points, he’s largely correct. A true central bank digital currency (CBDC) union would require fiscal integration, monetary alignment, and trust that simply doesn’t exist among BRICS members. A single BRICS reserve currency designed to dethrone the dollar overnight? Highly unlikely. But here’s what’s missing from that analysis: The global monetary shift isn’t about a dramatic replacement. It’s about steady erosion. And erosion is far more…
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