Why Experts Dismissing a BRICS Currency Might Be Underestimating a Much Bigger Threat

The Experts Are Right About the BRICS Currency—For Now The article by Loredana Harsana features several grounded critiques of the proposed BRICS currency plan. These deserve acknowledgment. 1. Coordination is a major hurdle BRICS—comprising Brazil, Russia, India, China, and South Africa—is not a monolith. These countries have vastly different economic structures, monetary policies, political systems, and national priorities. Coordinating a single monetary union among them would be more difficult than what the European Union faced with the euro. And we’ve seen how fragile the euro can be in times of crisis. 2. The dollar’s infrastructure is deeply entrenched Experts like FGV professor Carla Beni rightly point out that the dollar wasn’t just “lucky.” Its supremacy was engineered—through the 1944 Bretton…