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BRICS - Is A Common Currency Such A Good Idea?

... currency implies that for such a reform to be made successful, it has to be accompanied by radical changes in the legislative and fiscal framework of all the member states. Furthermore it means that the respective countries can no longer use their isolated monetary policy to increase their competitiveness. This may pose a challenge for the BRICS who pride themselves on their competitive prices of natural resources, labour and production. The establishment of an alternative financial architecture has become ...