BRICS: Putin Says Decentralization Will Help Global Economy’s Resilience

Joshua Ramos
Vladimir Putin Asks for Creation of a Digital Payment System
Source: Vox

The man behind one of the BRICS bloc’s strongest nations, Russian President Vladimir Putin, has stated that decentralization will help the global economy’s resilience. Moreover, Putin stated that a decentralized focus could help the long-term outlook of global economics.

Speaking at the Eurasian Economic Forum, Putin noted the benefits of decentralization. Specifically, he noted that this implementation could depoliticize economics internationally. Thus, helping the sector withstand certain crises that could arise.

Russian President Vladimir Putin BRICS

Putin Calls for a Decentralized Global Economy

In recent months, the BRICS bloc has been outspoken in its desire to shift the balance of global economic power. Moreover, through its rising relevance, the nations have driven de-dollarization efforts across the global economy. Now, one of its most prominent nations is speaking up on what could benefit the sector in the long run.

Russian President Vladimir Putin has stated that decentralization could help the global economy’s resilience. Specifically, he stated, “Of course, the stability of all global finances will largely depend on this decentralization. The more decentralized it is, the better for the global economy.”

BRICS nations leaders

Additionally, Putin remarked, “It will be less dependent on crisis developments in the countries that still have such an advantage as global reserve currencies.” Moreover, Putin noted that the decentralization of global finance is less about de-dollarization. Specifically stating its aid in the promotion of national currencies.

Putin noted that de-dollarization is not merely a Russian effort derived from sanctions placed on the nation by the West. Specifically, Putin said, “Many other fast-developing economies in the world are also shifting to the use of national currencies in foreign trade settlement, including China, India, and Latin American countries.”

Conversely, the development of a BRICS currency could aid in these efforts. Moreover, this currency’s implementation for internal settlement purposes could allow for continued prominence granted to currencies outside of the US dollar. Reinforcing decentralization on a global scale.