WILL BRICS ENLARGEMENT RESTART ITS EXPANSION?
Contrary to what is mentioned in the article below, the BRICS (an acronym made up of the names of B razil, R ussia, I ndia, C hina, and S outh Africa) are not attempting to settle trade in their own local currencies. They want to keep their own currencies on their own territories and trade between themselves in a new currency, still unnamed. Only India prefers not to go on that path and wish instead to keep the roupie for internal AND external use. The BRICS, enlarged or not, would thus create a kind of exclusive economic club (think Costco). Only the members will be allowed to use the new currency. It will be as if the Eurozone had retained the German mark, the French or Belgian franc, or the Italian lira for the internal, day to day citizen's transactions inside each country of that zone. To put it simply, an Italian worker coming home would continue to pay lira to get a quart of milk. But then, an Italian company would have to use the brand-new currency (let's call it a br...