Challenges and Perspectives to the BRICS in Reforming the International Monetary and Financial System
Challenges and Perspectives to the BRICS in Reforming the International Monetary and Financial System

Author(s): Tsvetelina Marinova
Subject(s): Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: international monetary system; global economy; BRICS; dollar; international currency; yuan; trading bloc; international financial organizations
Summary/Abstract: This paper aims to discuss major challenges and opportunities to the BRICS countries in their attempts to reforming the international monetary and financial system. It analyzes the ongoing processes and trends in the global economy as well as the potential of the emerging economies acting as a political and trading bloc to establish a multipolar monetary system. The author argues that the transition from a unipolar to a multipolar monetary system has already started. Nevertheless, it is difficult to predict how long it will take to transform the existing international monetary and financial system. BRICS countries face big challenges and issues on their path to reform the international monetary and financial system. At the same time the economic power and potential of the bloc are perceived as important advantages which create opportunities to achieve its goals.

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