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Brazil, Russia, India and China: "No U.S. dollars in world currency"
June 16, 2009. The heads of state of Brazil, Russia, India and China, gathered today in Ekaterinburg (Russia) for their first summit, called for an international monetary system "more diversified" and therefore less pegged to the dollar.
"We think its really necessary to have a stable currency, reliable, and more diversified," reads the final communiqué of the summit. A new architecture of financial and economic system should be based on "a decision-making and implementation processes at the international financial institutions." The BRIC countries have emphasized a commitment to pursue "the reform of international financial institutions to reflect changes in the global economy."
The immediate impact on the markets after these comments was a decline in U.S. divided over the euro. Tough action by the Russian Prime Minister Dmitri Medvedev: "We must strengthen the international monetary system," said the leader of the Kremlin. "Not only the position of the dollar, but also the creation of new reserve currencies, and perhaps, ultimately, the creation of supra-national currencies, nuovi mezzi di pagamento e metodi di calcolo». Messaggio reiterato più volte in passato, ma che acquista nuovo spessore politico davanti a un pubblico così solido, vasto e differente rispetto ai tradizionali leader dell'economia mondiale. «L'economia non può funzionare, se gli strumenti finanziari sono denominati in una unica valuta. Una simile situazione è osservabile attualmente», ha aggiunto Medvedev.
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