'The BRICS group of emerging market countries, meeting in China, kept up the pressure yesterday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.
The leaders of Brazil, Russia, India, China and South Africa called for stronger regulation as well of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.
The recent financial crisis had exposed the inadequacies of the monetary order, which had the dollar as its lynchpin, they said.
What was needed was “a broad-based international reserve currency system providing stability and certainty” – thinly veiled criticism of what the Brics countries see as Washington’s neglect of its global monetary responsibilities.
The Brics members worry that the US’s trade and budget deficits will eventually debase the dollar, and they begrudge the financial and political privileges that come with having the main reserve currency".............read it here
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