The new payment system proposed by BRICS poses a significant challenge to the global financial mechanisms currently dominated by the United States, says Peter Kuznick, Director of the Nuclear Studies Institute at American University in Washington, in an interview with TASS.
“While some of BRICS' currency and financial goals, including establishing an international currency system that could eventually replace the dollar, are ambitious and phased rather than immediately achievable, they represent the future and provide a viable alternative to the dollar-based system that has controlled global finance since the end of World War II,” Kuznick stated. He added, “Although the Bretton Woods system, led by the International Monetary Fund and the World Bank, is far from obsolete, its dominance is now genuinely threatened for the first time in nearly 80 years as the Global South begins to assert its influence.”
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Based on TASS materials