BRICS Common Currency Idea Ridiculed by Top Economist
Jim O'Neill, the economist who coined the term BRIC, criticized the idea of a common currency for the BRICS nations (Brazil, Russia, India, China, and South Africa), calling it "ridiculous" and "embarrassing." He argued that the group has never achieved anything since its inception in 2009 due to consistent infighting. The push for de-dollarization among BRICS nations has increased, but the dominance of the U.S. dollar remains strong, with nearly 60% of global currency reserves held in dollars. O'Neill believes that the lack of a strong alliance between China and India makes a BRICS common currency unlikely. The historical rivalry and ongoing border disputes between the two nations hinder their cooperation on major issues.