article · South African Journal of International Affairs
The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have positioned themselves as advocates for economic multilateralism, questioning established models of international economic governance and integration. This literature analysis examines the feasibility and obstacles surrounding economic integration across the bloc, paying particular attention to proposals for an optimum currency area. Because member states possess divergent economic capacities, priorities, and international ambitions, aligning structures and coordinating policy present substantial hurdles. While the potential for closer economic ties exists, realising integration or establishing a shared currency demands deeper cooperation and policy harmonisation. Ultimately, progression requires a nuanced comprehension of both individual national priorities and shared collective goals, alongside a clear assessment of existing economic disparities across the member states.
Efforts by major emerging economies to coordinate financial systems or establish shared currencies could alter global trade dynamics and international financial governance. Understanding the structural obstacles and policy requirements facing the BRICS bloc helps policymakers, international organisations, and financial institutions anticipate potential shifts in multilateral cooperation and global economic frameworks.
The abstract does not indicate an application pathway.
AI-generated from the published abstract. Always read the original work before citing.
Amid the evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as proponents of economic multilateralism, challenging traditional paradigms of economic governance and integration. This article explores the prospects and challenges of economic integration among the BRICS nations, with specific reference to calls for an optimum currency area (OCA). With diverse economic capacities and global aspirations, these countries face significant challenges in policy coordination and structural alignment. This comprehensive literature analysis reveals the potential for and the complexity of achieving economic integration among the BRICS, underscoring the necessity for enhanced cooperation and policy harmonisation. Achieving economic integration, including the establishment of a common currency, requires an understanding of the national and collective economic goals, disparities and challenges. Offering insights into the BRICS' role in reshaping the global economic system, this analysis contributes to the discourse on economic integration among developing and emerging economies.
This page summarises published work. The authoritative version sits with the publisher.
DOI: 10.1080/10220461.2024.2380676
Is something wrong with this record? Report it or request removal.
Discussion
Have you built on this work, tried to replicate it, or seen it applied in practice? Share what you know. Verified researchers and MARATTO™ domain experts can open a discussion, and any member can reply. Contributions are reviewed before they appear.
No discussion yet. Open the first thread.
New to MARATTO™? Create a free account.
