Part 6/11:
One of the tantalizing ideas discussed was the possibility of a BRICS currency to facilitate trade and financial exchanges among member nations. However, experts recognize significant hurdles:
Economic diversity: BRICS nations vary widely in economic size and structure—China is an economic giant, while South Africa's economy is much smaller. Aligning their policies under a single monetary system is complex and politically risky.
Political differences: Divergent political systems and interests make unifying monetary policies challenging.
Consequently, rather than creating a single currency, these nations are opting for practical solutions like regional currencies and bilateral agreements.