The BRICS financial system won’t be a copy/paste of western institutions and it will certainly not be a second “Euro”. Nobody would be that foolish again. Instead, the financial architecture will be a decentralised system build on the convertibility of currencies and potentially a common unit of account to replace the dollar’s function as a world wide price tag. This is the second part of a talk with Dr. Yan Liang, a Professor of Economics at Willamette University, a private liberal arts college in the US. She is also a Research Associate at the Levy Economics Institute and a Non-Resident Senior Fellow at the Global Development Policy Center of Boston University.
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