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De-dollarisation gains traction among Brics
(www.khaleejtimes.com)
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this post was submitted on 30 Apr 2024
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Because that would fail very quickly. The CFA franc works because France dominated their exports. The euro took a long fucking time to make work and took a lot of planning and market integration. Even then it has some struggles.
brICs has very little market integration. While many of them do a good chunk of trade with China, it's often not very even. Essentially it would be China dictating monetary policy which also ties itself to US monetary policy via a floating peg. There is also no freedom of movement between most of them. Without that, countries can very easily fall into a liquidity trap and be forced to deflate because of capital flight. As bad as the PIIGS financial crises were, they would have been significantly worse without people being able to move away from the countries.