MOSCOW, March 13. /TASS/. BRICS is considering creating a form of mutual settlements similar to that of the early European Union, Russian Deputy Foreign Minister, Russia’s Sherpa in the BRICS Sergey Ryabkov said in an interview for the first issue of TASS’ "BRICS bulletin."
"As for a single currency, similar to what was created by the European Union, this is hardly possible in the foreseeable future. If we are talking about clearing forms of mutual settlements such as ECU (European Currency Unit - TASS) at an early stage of development of the European Union (in the absence of a real means of payment, but the opportunity to more effectively use the available resources of the countries in mutual settlements to avoid losses due to differences in exchange rates, and so on), then this is precisely the path along which, in my opinion, BRICS should move. This is under consideration," the Deputy Foreign Minister said.
According to Ryabkov, BRICS should not create a financial and monetary alliance, but work hard to create payment and settlement systems that do not depend upon whims of the West. A group of experts, led by the ministries of finance and representatives of the central banks of the respective countries, is working on this issue," he added, noting that there are also consultations in other formats, including with the participation of representatives of the "historical West" who were invited there."
"Collectively, we must come up with a product that would be, on the one hand, quite ambitious (because it is impossible to continue to tolerate the dictates of the West in this area), but at the same time realistic, not out of touch with the ground. That is, a product that would be efficient. And all this should be presented in Kazan for consideration by the leaders," the deputy foreign minister noted.