For the prominent economist Jim O’Neill “it is possible to seriously think that the BRICS countries could be at the base of some new type not only of currency, but also of competitor of the US financial system.”
The BRICS countries (Brazil, Russia, India, China and South Africa) could put an end to the hegemony of the dollar in the world economy, Jim O’Neill, former president of Asset Management at Goldman Sachs bank, said Tuesday in an interview with RT.
“I think the idea that the dollar will remain king forever is unlikely,” the economist opined. “This is not the first time that the end of the dollar has been talked about, it happens every two years, if not with the same intensity,” he said, adding that, presumably, at some point the US currency will lose its position.
In addition, O’Neill indicated that the BRICS has already surpassed the Group of Seven (G7) in terms of percentage of world GDP, with particular emphasis on Beijing and New Delhi. “I think that if China and India could come to terms as the two biggest countries in the emerging world, it would probably hasten the end of dollar dominance,” he noted.
The expert also addressed the question of the possible extension of the BRICS group. According to O’Neill, a growing number of countries are seeking to join the bloc, but the five members must decide who to bring to the table.
“In that case, it is possible to seriously think that the BRICS countries could be at the base of some new type of not only currency, but also a competitor to the US financial system,” he explained, adding that to undermine the dominance of the dollar “there has to be an alternative.”