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Donny Boy being honest
(lemmy.ml)
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this post was submitted on 05 Sep 2025
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If anything the Euro would need to do it. Europe, Canada, Japan, they won't trust a BRICS currency. Within BRICS it might work but it wouldn't replace the dollar in that case. The main point of being the world reserve currency is the feedback loop of "stability and adoption".
Euro won't work. For other countries to use the Euro, they need to have Euro stocks. For this, the EU needs to (1) run a deficit, and (2) manufacture something of value to the rest of the world. But the EU won't run a deficit, and its manufacturing sector is collapsing.
Yeah, the odds are slim of the Euro successfully doing it. But they're the only ones really in a position to.
The point would be to not be tied to a single currency
The BRICS currency would be a single currency, administers by an assortment of countries. In essence the BRICS currency would be just like the Euro but with an international pariah (Russia) and a country with a history of heavy-handed policy towards business (China) being major players.
Any actual rationale behind why it has to be the Euro then (bc they and the companies which own them are so loved internationally)or is it just chauvinism?
It needs to be a country with stable financial institutions and a strong interest in "business confidence". Otherwise people wouldn't feel that their assets are safe.