00:00 At the heart of global economic issues, the five major emerging powers of the globe,
00:13 grouped under the acronym BRIC, continue to draw attention to their
00:16 envisagements of innovative strategies to strengthen their position on the international
00:20 scene.
00:21 According to information recently relayed by the Bloomberg Agency, the South African
00:26 Minister of Finance, Enosh Godongwana, mentioned at the summit of the group in Johannesburg
00:30 that the creation of a common currency within BRICS is not part of the program.
00:34 However, the member countries, which will soon welcome six new nations in their ranks,
00:39 are looking for alternatives to reduce their dependence on the US dollar.
00:43 Indeed, the BRICS in Brazil, Russia, India, China and South Africa do not seem inclined
00:49 to follow the euro model, at least for the moment.
00:52 Minister Godongwana highlighted the total absence of formal or informal discussion
00:57 regarding a common currency within the group.
00:59 According to him, the establishment of such a currency would mean the creation of a
01:03 common central bank, a step which, according to the minister's view, could compromise
01:08 the independence in terms of monetary policy of each of the members.
01:11 This perspective therefore raises questions as to the will and feasibility of such an
01:16 initiative.
01:18 However, despite this clear position on the creation of a common currency, the BRICS
01:23 are not inactive in their quest for financial autonomy and independence vis-à-vis the
01:26 US dollar.
01:27 The process of de-dollarization is already underway within the group, translating their
01:32 desire to reduce their exposure to Washington's fluctuating monetary policies.
01:37 The financial experts within the BRICS have begun to explore alternatives to
01:42 bypass the US dollar in their commercial transactions.
01:44 One of these alternatives could well be the use of commercial exchanges carried out
01:50 directly in national currency.
01:51 This approach, if implemented, would represent a significant change in the way
01:57 the BRICS conduct their commercial exchanges with the rest of the world.
02:00 This approach would not only reduce dependence on the US dollar, but also
02:05 strengthen economic ties between the members of the group by using their own currency.
02:09 As for the six new members who will join the BRICS next year, their identities
02:15 have not been explicitly mentioned.
02:17 However, this expansion of the group emphasizes the very durability of the BRICS as an emerging
02:22 collective economic force, ready to position itself as a key player in the world landscape.
02:37 (air whooshing)
