....
an unprecedented level of financial power
to disconnect individual banks from the global financial system, freeze foreign exchange reserves and deny borrowers access to international debt and equity financing.
Fifth
, the digitalization of global finance. The rise of financial technology (Fintech) is increasing tensions in international settlements rather than easing them. The digitalization of financial services makes it possible to scale up existing financial intermediation processes while simultaneously ...
... structure was advantageous for all participants, it primarily conferred significant benefits upon the US economy, with European economies bearing the cost. Studies by the Federal Reserve Bank reveal that the "exorbitant privilege", as French Finance Minister Valéry Giscard d'Estaing termed it, diverted capital flows to the United States instead of Europe, which otherwise would have boosted European GDP by about 20 percent during the 1950s and 1960s. [
3
] Consequently, Europeans largely ...
On May 23, 2024, the Russian International Affairs Council (RIAC) held a special session “Illegitimate Restrictions and Impact on International Situation: Opportunities for BRICS” as part of the BRICS Academic Forum “BRICS: New Figures at the Global Chessboard.”
On May 23, 2024, the Russian International Affairs Council (RIAC) held a special session “Illegitimate Restrictions and Impact on International Situation: Opportunities for BRICS” as part of the BRICS Academic Forum “BRICS: New Figures...
... financial transactions, both within the BRICS and with trading partners in third countries was emphasised. There was also support for strengthening correspondent banking relations between the BRICS countries for settlements in national currencies. The finance ministers and heads of central banks of the BRICS countries were instructed to work on this issue for the next summit; that is, they will have to report on the results within the framework of the Russian Chairmanship and the BRICS Summit in Kazan....
... on August 23, 2023, the Declaration of the 15
th
BRICS Summit on the admission of six new members to the group (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE) is intended to strengthen cooperation among BRICS in the domain of international finance. In particular, it is about fostering further dialogue on payment instruments to facilitate trade and investment flows between the BRICS members as well as among other developing nations. The Parties
called for
more robust correspondent banking ...
... For instance, the Financial Stability Board (FSB), the Bank for International Settlements (BIS), the Basel Committee on Banking Supervision (BCBS), the Financial Action Task Force (FATF), the Wolfsberg Group and others all have a hand in the global finance system. How? These groups focus on developing global "standards" with an atypical composition of representatives (or members): central banks (normally, not public authorities), finance ministries, financial intelligence units, global ...
... instrumental in fine-tuning the country’s macroeconomic policy mix.
Another potential area is the discussion of issues concerning the crypto sector at the global level in fora such as the G20. In 2023 India holds the chairmanship in the G20 forum and its Finance Minister Nirmala Sitharaman has already declared that the issue of the regulation of crypto assets is going to be one of the presidency’s priorities. G20’s work on the crypto market regulation is likely to be conducted mostly along the Finance ...
On June 18¬–19, 2022, the International Schiller Institute held an online conference on reorganization of the international monetary and financial system
On June 18–19, 2022, the International Schiller Institute held an
online conference
on reorganization of the international monetary and financial system. The event was attended by experts, public figures, politicians, diplomats and journalists from the USA, Europe, Asia and Russia.
The event addressed the evolution of the leading international...
... as well as at the 2022 Winter Olympics venues.
Additionally, China’s proactive plans for launching the world’s first digital currency can be explained by the Chinese authorities willing to make up for the marginal use of the yuan in international finance. Clearly, the share of the Chinese yuan in various sectors of the global financial market—the foreign exchange market, the lending market, the stock market, the investment market—is significantly below China’s status as the world’s largest ...
... institutions would not be in BRICS countries' favour in the near future, and hence emphasized the importance of a new Multilateral Clearing Union (MCU) which would serve as an intra-BRICS currency swap pool and tackle balance of payment shortcomings, trade finance, financial crisis aversion, and an overall restoration of sovereignty by
de-dollarizing
BRICS trade (NDB, 2017). This intention was also echoed in the 2017 BRICS Xiamen Summit declaration, which
stated
:
“
We agree to …enhance currency cooperation,...
