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Reserve currencies

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5/19/2011 2:20:22 PM
Posted: 6 years ago
"With the increasing significance of the emerging market economies (EMEs), it is being suggested that the BRICS countries (Brazil, Russia, India, China and South Africa) could emerge as reserve currencies. As a first step, the BRICS countries have been talking about settling bilateral trade and payments in their local currencies and undertaking pluri-lateral settlements among themselves. This would be disastrous and one hopes that saner counsel will prevail and these countries would not proceed with such scatterbrained ideas."

Can someone enlighten me as to why this is a scatterbrained idea. Thanks in advance.

Oh, the link to the entire article is here.
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