Establishment of a New Global Currency System: The Role of BRICS+ Nations
https://doi.org/10.24833/2949-639X-2025-2-12-43-66
Abstract
The article examines the prospects for establishing a new global monetary system within the expanded BRICS+ framework as an alternative to the existing dollar-centric financial architecture. The author conducts a comprehensive analysis of contemporary geopolitical and economic factors, including escalating sanctions pressure and the pursuit of financial sovereignty, which necessitate a transition towards a polycentric model of international economic relations. Central to the study is the concept of the BRICS UNIT – a collective settlement unit based on a basket of member states’ national currencies. The paper proposes a multi-stage implementation mechanism, ranging from the development of digital platforms for cross-border transactions to the establishment of a supranational BRICS+ Central Bank. Particular emphasis is placed on the institutional role of the New Development Bank (NDB) and other financial structures independent of the US-dominated financial system. A comparative analysis of historical precedents in international monetary integration is provided, including the experience of the transferable rouble within the Council for Mutual Economic Assistance (CMEA) and the European Currency Unit (ECU) in the European Union (EU), revealing key patterns in the formation of regional currency zones. The author argues that such zones reduce global reliance on the US dollar. The concluding section highlights that the project’s success hinges on achieving consensus among member states and overcoming institutional resistance.
About the Author
V. D. Andrianov
Moscow State University
Russian Federation
Russian Federation
Doctor of Economic Sciences, Academician of the Russian Academy of Natural Sciences, Honoured Economist of Russia, Professor at the Department of Economics and Economic Geography of Asian and African Countries of the Moscow State University
Moscow
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Review
For citations:
Andrianov V.D. Establishment of a New Global Currency System: The Role of BRICS+ Nations. International Business. 2025;(2 (12)):43-66. (In Russ.) https://doi.org/10.24833/2949-639X-2025-2-12-43-66
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