MOGUĆI NAČINI FORMIRANJA JEDINSTVENE OBRAČUNSKE VALUTE ZEMALJA BRIKS-A
POSSIBLE WAYS OF FORMING A UNIFIED SETTLEMENT CURRENCY OF THE BRICS COUNTRIES

Summary/Abstract: During the 1990s of the twentieth century, following the fall of the Berlin Wall and the collapse of the Soviet Union, and especially after the establishment of the World Trade Organization in 1995, the neoliberal era in international economic and financial relations reached its peak. The end of that period was marked by Fukuyama’s work “The End of History and the Last Man”, in which he declared that socialism and communism had been permanently defeated, and that the neoliberal economic model introduced by Professor Friedman, the Chicago School, and the Washington Consensus had no alternative. As a consequence of this process, the Third World countries underwent a profound loss of sovereignty, with claims that national borders had become outdated relics of the past. The United States became complacent in collecting the dollar rent, prioritizing the financialization of the economy, because it brings fast and high profits, while outsourcing the real sector to countries with cheap labor, primarily in Asia, led by China. Parallel to the triumphant process of the existing system of international economic relations up to that moment, led by the Bretton Woods financial institutions, the BIS, the FED, and other capital owners, several countries, headed by China, Russia, India, and Brazil, experienced accelerated economic growth. This occurred mainly for three reasons: first, because these countries were marginalized in the decision-making of the Bretton Woods financial institutions; second, because they did not “blindly” follow the neoliberal model but introduced capital flow controls, as Keynes himself had advocated; and third, because they created an alternative system of interconnection by establishing BRICS and their own development financial institutions. In order to mitigate the monopoly that the U.S. currency had enjoyed for more than half a century, including the unlawful imposition of numerous economic sanctions by Western countries led by the U.S. against dozens of nations, a process of creating a multipolar world began. The peak of sanctions was reached against Russia after the outbreak of the armed conflict with Ukraine. To eliminate the impact of these sanctions, BRICS countries launched a process of de-dollarisation by introducing their own currencies in mutual payments. To ensure the continuation of this process, recent BRICS forums have initiated the idea of introducing a common accounting currency for member states, which is the subject of this research paper.

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