We won't be seeing a BRICS currency any time soon
(www.nakedcapitalism.com)
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France and Germany were backed up by the other members, Putin's on his own with too many rupees.
France and Germany were stuck with Liras and Drachmas
I remember when I was stationed in Turkey the Lira rate was around 7000TL - $1. When I left 15 months later it was close to 20,000TL - $1. Five or six years later I saw in the news it was over 1 million TL to the dollar.
When I would buy stuff downtown everyone wanted dollars - they would give good discounts because they knew they would end up with more TL when (if) they exchanged it. Their currency was crap. At some point they did devalue it though.
And backed by ECB, not quite the same thing. It looks chaotic on the face of it, with Putin left holding too many rupees and no back-up and it may be that as Mister_Winston mentions on this page "what if all that were already set up and just not instituted yet? It's possible, and would've been the smart approach"
Backed by ECB ????? You joking mate? vapour only backs illusion, as we are seeing the results.
I honestly fail to see what the fuss is. Do you really believe that if there is no "brics currency" its some kind of a negative?
You're putting words in my mouth. At this point a BRICS currency is not an option but not necessarily for the reasons this banker is giving. It is entirely possible that an alternative to the current banking system has already been set up, just not implemented yet.