The creator of BRICS says the bloc should expand and challenge the dollar's hegemony.
Former Goldman Sachs Group Inc. chief economist Jim O'Neill calls for the BRICS to include more countries, under strict criteria, to counter the dollar.
247 - Jim O'Neill, former chief economist at Goldman Sachs Group Inc. and responsible for coining the acronym 'BRIC' (Brazil, Russia, India and China - a group that later became known as 'BRICS' with the addition of South Africa), stated that the bloc must work to combat the hegemony of the dollar in the global economy.
In an article published in Global Policy magazine on March 26, O'Neill calls for the group to admit new members, under strict criteria, in order to achieve its goals.
He further states that the BRICS' path forward is to focus on climate finance, improving health, and boosting trade.
Russia and China have already taken steps to strengthen their local currencies. Brazil, in turn, is establishing a clearinghouse to pay for Chinese imports in reais.