On November 7 at 16:00 Moscow Time (GMT+3), the Valdai Discussion Club will host a presentation of the report titled “Beyond the Dollar: BRICS Initiatives for a Multipolar Financial System”.
The report emphasises the growing dysfunctionality of the US dollar as a universal means of payment, caused by its use as a weapon in the sanctions war, as well as the structural weaknesses of the American economy and the colossal national debt of the United States.
“The US resistance is traditionally very intense to anything that affects the dollar or fundamental aspects of the current world financial system. This resistance is far from being a matter of prestige alone. The US wishes, firstly, to preserve the possibility of weaponising the system against any country that falls out of favour. And, secondly, it is also quite aware of the fact that the role of the dollar as the hegemonic international reserve currency implies a special privileged position, i.e., that of being able to cover large fiscal and balance of payments deficits via the simple issuance of money,” the report states.
Particular attention is also given to BRICS’ potential in the financial and monetary spheres. In recent years, the use of national currencies in payments between members has increased within the group. Other initiatives are also being discussed. The report examines not only the prospects but also the limitations of creating non-dollar monetary instruments both in BRICS and in other globally dominant countries.
How will US President Donald Trump’s policies and high tariffs against BRICS countries impact the de-dollarisation process? How can internal solidarity be strengthened within BRICS? What was the focus of the September extraordinary online BRICS summit, convened at the initiative of Brazil? Participants in the discussion will attempt to answer these and other questions.
Speakers:
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Dmitry Birichevsky, Director of the Department of Economic Cooperation, Ministry of Foreign Affairs of the Russian Federation
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Paulo Nogueira Batista Jr., Vice-President of the New Development Bank (2015–2017); Managing Director for Brazil and Other Countries at the International Monetary Fund (IMF) (2007–2015) (author of the report)
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Rasigan Maharajh, Chief Director, Tshwane University of Technology; Associate Research Fellow, Tellus Institute; Trustee, Canon Collins Trust; Elected Member, Academy of Science of South Africa
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Marco Fernandes, PhD in Social Psychology (University of São Paulo), Brazilian Representative at the BRICS Civil Council
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Anna Tsibulina, Associate Professor of the Integration Processes Department, MGIMO
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Radhika Desai, Professor at the Department of Political Studies and Director, Geopolitical Economy Research Group, University of Manitoba, Winnipeg, Canada
Moderator:
- Oleg Barabanov, Programme Director of the Valdai Discussion Club
Working languages: Russian, English.
Information for the media:
In order to get accredited for the event, please fill out the form on our web site. If you have any questions about the event, please call +79269307763.
Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VK, Telegram and Dzen.
