We won't be seeing a BRICS currency any time soon
(www.nakedcapitalism.com)
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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.
I am pretty sure its setup and running in the background. India is pretty much cashless and they payment system is decentralised and awesome, and i suspect its the visible part of the bigger system.