📆 ANNOUNCEMENT: On April 5, at 11:00 Moscow Time (GMT+3), the Valdai Club will host an expert discussion, titled “The New Economic Order: Is it Really Possible to End the Dollar Monopoly?”

De-dollarisation is becoming an increasingly significant tool for changing the world economic order. In many ways, it is the dollar’s monopoly in world trade and the financial system that has led to the current imbalances and inequalities. The past year has recorded an increase in trading in national currencies. For Russia, the main impetus on the path to the transition to settlements in national currencies was the sanctions pressure from the West. In 2022, the share of transactions in national currencies within the Eurasian Economic Union increased to 75%. Early this year, Saudi Arabia announced its readiness to conduct transactions for the sale of oil in the local currencies of the countries it does business with, and on March 29 it became clear that China and Brazil had entered into an agreement on mutual settlements without the use of the US dollar.

However, until dollar abandonment becomes a new reality, for some countries this process may take decades. Experts do not exclude the possibility of creating a single world currency in the future, which would exist without being tied to a particular issuing country, and could have a digital format.

❓How realistic are the prospects for such a massive change in the world economic order?
❓What will replace the dollar?
❓How will abandoning the dollar change the global financial system?

Participants in the expert discussion will try to answer these and other questions.

🎙 Speakers:

🇷🇺 Dmitry Birichevsky, Head of the Department for Economic Cooperation of the Russian Foreign Ministry

🇨🇦 Radhika Desai, Professor at the Department of Political Studies and Director, Geopolitical Economy Research Group, University of Manitoba, Winnipeg, Canada

🇨🇦 Dimitri Laskaris, lawyer and Green Party of Canada activist

🇷🇺 Alexander Losev, member of the Presidium of the Council for Foreign and Defense Policy (SVOP)

🇷🇺 Nathalia Zaiser, Chair of the Board/Founder, Africa Business Initiative Union

Moderator:

🗣 Oleg Barabanov, Programme Director of the Valdai Discussion Club

Working languages: Russian, English.

https://valdaiclub.com/events/announcements/valdai-club-to-discuss-the-end-of-the-dollar-monopoly/

ℹ️ Information for the media: In order to get accredited for the event, please fill out the form on our website or call +79269307763.

A link to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, Twitter, VKontakte, Telegram and Zen.

#Norms_and_Values #dedollarisation #finance

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⏰ TODAY at 11:00 Moscow Time (GMT+3), the Valdai Club will host an expert discussion, titled “The New Economic Order: Is it Really Possible to End the Dollar Monopoly?”

❓How realistic are the prospects for such a massive change in the world economic order?
❓What will replace the dollar?
❓How will abandoning the dollar change the global financial system?

Participants in the expert discussion will try to answer these and other questions.

A link to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, Twitter, VKontakte, Telegram and Zen.

#Norms_and_Values #dedollarisation #finance

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UPD: The livestream is over. The video of the discussion is available via the same link. Stay tuned!

🎥 LIVE: at 11:00 Moscow Time (GMT+3), we are starting an expert discussion, titled “The New Economic Order: Is it Really Possible to End the Dollar Monopoly?”

https://vk.com/video-214192832_456239088

#Norms_and_Values #dedollarisation #finance

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💸 De-Dollarisation and Creative Destruction

On April 5, the Valdai Club hosted an expert discussion, titled “The New Economic Order: Is it Really Possible to End the Dollar Monopoly?” The programme director of the club, Oleg Barabanov, acted as a moderator.

💬 Dmitry Birichevsky, Director of the Department of Economic Cooperation of the Russian Foreign Ministry, stressed that the changing economic order and de-dollarisation were major issues. He emphasised the pragmatic approach of Russia and its desire to develop relations with all countries that follow this process, first and foremost with the so-called ‘world majority’. According to Birichevsky, the West has walked away from the goodwill established through years of cooperation, losing Russia’s trust, and it will be extremely difficult, if not impossible, to regain it. He outlined the current problems of world finance related to the neo-colonial nature of Western monetary policy and the global financial system, and noted that the world, in this regard, needs a more equitable system, the institutions of which won’t exclusively act in the interests of the West.

💬 Radhika Desai, Professor at the Department of Political Studies and Director of the Geopolitical Economy Research Group at the University of Manitoba, Winnipeg, Canada, said that the world is now at a dangerous crossroads. Western countries, led by the United States, seek to win a proxy war against Russia, in which their direct role would be limited to sanctions. As a result, sanctions return like a boomerang and hit the economy of their initiators, leading to a global economic downturn and the collapse of established economic alliances. The world is rapidly changing ang becoming more multipolar, which weakens imperialism and opens up new opportunities for non-Western countries.

💬 Alexander Losev, member of the Presidium of the Council for Foreign and Defence Policy (SVOP), believes that de-dollarisation is inevitable. Although the dollar is still the main currency used in international settlements, US sanctions have prompted other nations to pursue a process of getting rid of dollar dependence and switching to settlements in national currencies. The imbalances in the American economy have become toxic to the world. Now the model of financial super-capitalism, based on a model of endless consumption through unlimited lending, is ending, he stressed. Against this background, a process of "creative destruction" was launched - the demolition of the current financial system and the building of a new one (in the future).

💬 Natalia Zaiser, Chair of the Board of the African Business Initiative Union, outlined the course of the de-dollarisation process in Russian-African relations. According to her, moving away from dollar settlements in this area will take a lot of time. In addition, in relations between Russia and Africa, it is necessary to build a new financial model, which will be very difficult. This process has already been launched and will continue to gain momentum, but the parties need to speed up decision-making and the development of financial instruments. It makes sense to use both the tools tested within the country, and the experience of other major powers, in particular using platforms such as BRICS, she believes.

💬 Dimitri Laskaris, lawyer and Green Party of Canada activist, analysed the relationship between Canada and the United States. Noting that the US is Canada's closest ally and major trading partner, accounting for two-thirds of Canada's foreign trade, this dependence continues to grow. At the same time, the days of the US dollar as a world currency are coming to an end, which will lead to serious negative consequences for the US economy. “Unfortunately, the Canadian boat is tied to the American Titanic,” Laskaris admitted. “Canada needs to integrate into the new multipolar world.”

https://valdaiclub.com/events/posts/articles/de-dollarisation-and-creative-destruction/

#Norms_and_Values #dedollarisation #multipolarity

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🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 It is our good luck to have Russia presiding over the BRICS in 2024 and Brazil, in 2025 – precisely the two countries that seem to be most interested in moving towards the creation of a common or reference currency.

If everything runs smoothly, the BRICS may be able to take the decision to create a currency during the Summit in Russia next year. By the Summit in Brazil, in 2025, the BRICS will perhaps be able to announce the first steps towards its establishment, writes Paulo Nogueira Batista Jr., Brazilian economist, Vice President of the New Development Bank (NDB) from 2015 to 2017, Executive Director for Brazil and other countries in the International Monetary Fund (IMF) from 2007 to 2015. 

https://valdaiclub.com/a/highlights/brics-financial-and-monetary-initiatives/

#VALDAI2023 #BRICS #dedollarisation

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💸 In 2023, the topic of abandoning the dollar as the main world currency became relevant as never before.

When and why the US dollar began to play the main role in international transfers and what is its position now, what alternatives have appeared you can learn from our video infographic.

#VALDAI2023 #valdai_infogaphics #dollar #dedollarisation

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