Putin held a video conference with a limited number of his team on the topic of economic issues, but we don’t get to hear any of the further discussion.
[I'm posting this comment as a "reply" because that seems to be the only way I can post here. Its content doesn't actually address the discussion-starter.]
Karl wrote, "It’s very possible all of ASEAN will enter BRICS+ as a group instead of individuals to be followed at some point by the African Union. IMO, the addition of individual states to BRICS+ no longer makes any sense when all want in."
If I recall correctly, BRICS+ adopts a measure only if all of its members support it. This embodiment of national sovereignty might not be unique, but I'd say it's unusual and worth preserving. Allowing groups of nations to join might result in some nations' becoming bound by measures that they didn't support.
I wondered where you had gone to. I have no clue as to your problems commenting and now wonder how many others have issues. Yes, BRICS is a consensus seeking association, but so are ASEAN and African Union. I have no idea how Russia and China view that issue aside from what they've said about admission criteria already. Currently, the main goal is dollar and euro avoidance in trade and where reserves are parked, and then there's the older issue of how debts are denominated. The various new development banks need to issue loans denominated in the currency of the nation receiving the loan, not any other, thus making it easier for the indebted nation to clear its debt. That particular part of the new global financial architecture hasn't been discussed much despite its pivotal importance.
I hope we'll see more clarity on all that as the BRICS+ Summit this August in Kazan is quickly approaching in just 3 months.
With you all the way on the bonds, Karl!
[I'm posting this comment as a "reply" because that seems to be the only way I can post here. Its content doesn't actually address the discussion-starter.]
Karl wrote, "It’s very possible all of ASEAN will enter BRICS+ as a group instead of individuals to be followed at some point by the African Union. IMO, the addition of individual states to BRICS+ no longer makes any sense when all want in."
If I recall correctly, BRICS+ adopts a measure only if all of its members support it. This embodiment of national sovereignty might not be unique, but I'd say it's unusual and worth preserving. Allowing groups of nations to join might result in some nations' becoming bound by measures that they didn't support.
I wondered where you had gone to. I have no clue as to your problems commenting and now wonder how many others have issues. Yes, BRICS is a consensus seeking association, but so are ASEAN and African Union. I have no idea how Russia and China view that issue aside from what they've said about admission criteria already. Currently, the main goal is dollar and euro avoidance in trade and where reserves are parked, and then there's the older issue of how debts are denominated. The various new development banks need to issue loans denominated in the currency of the nation receiving the loan, not any other, thus making it easier for the indebted nation to clear its debt. That particular part of the new global financial architecture hasn't been discussed much despite its pivotal importance.
I hope we'll see more clarity on all that as the BRICS+ Summit this August in Kazan is quickly approaching in just 3 months.