BRICS MONETARY AND FINANCIAL INITIATIVES IN THE CONTEXT OF BUILDING A NEW GLOBAL MONETARY AND FINANCIAL ARCHITECTURE
Authors
Наталья Витальевна Палишева
Российская академия народного хозяйства и государственной службы при Президенте РФ
Автор
Keywords:
ВАЛЮТНО-ФИНАНСОВАЯ ПОЛИТИКА,
МИРОВАЯ ВАЛЮТНО-ФИНАНСОВАЯ АРХИТЕКТУРА,
БРИКС,
ДЕДОЛЛАРИЗАЦИЯ,
ЕДИНАЯ ВАЛЮТА БРИКС,
ВАЛЮТНАЯ ПОЛИТИКА,
ВНЕШНЕЭКОНОМИЧЕСКИЕ ОТНОШЕНИЯ,
ЭКОНОМИЧЕСКИЕ ОТНОШЕНИЯ РОССИИ С КНР,
ЭКОНОМИЧЕСКИЕ ОТНОШЕНИЯ РОССИИ С ИНДИЕЙ
Abstract
The article examines the multifaceted monetary and financial policies of the BRICS countries, including such monetary and financial initiatives as intergovernmental settlements in national currencies, the introduction of a single BRICS currency, and the digitalization of the single BRICS currency. One of the most controversial and debated projects is the idea of creating a single currency for external settlements between BRICS member countries. The article analyzes the arguments of supporters and opponents of this monetary and financial initiative. Thus, proponents of this project argue that, with its implementation, BRICS countries will be able to ensure less dependence on external financial institutions and on US economic and financial policies. However, opponents of this initiative also present a range of arguments. Some are skeptical of its prospects, pointing to the utopian nature of the very idea of financial integration between countries with vastly different levels of economic development and structural characteristics. Another compelling argument is that the creation of a single currency for external settlements within BRICS will inevitably lead to the emergence of one or more hegemons, which could easily create a situation of extreme financial and economic dependence for the remaining countries involved in the initiative on the economies of these hegemons. The conclusions are drawn regarding the relevance of BRICS monetary and financial initiatives in the context of building a new global monetary and financial architecture. In particular, it is noted that despite the complexities, obstacles, and objectively controversial nature of many initiatives, the creation of such projects facilitates the gradual development of a unified economic and monetary policy for BRICS, at least at the conceptual level, while specific initiatives and projects can gradually evolve and adapt to existing realities
