Former Goldman Sachs economist Jim O'Neill has labeled the idea of the BRICS group, comprising Brazil, Russia, India, China, and South Africa, developing its own currency as "absurd."
Ahead of the 15th summit of BRICS scheduled for next week, Jim O'Neill, speaking to the Financial Times, argued that BRICS has "achieved nothing since they first started meeting."
O'Neill stated that creating a common currency for five very different economies would not be feasible.
Responding to calls from Brazilian President Luiz Inácio Lula da Silva and other politicians in the bloc for a "trade currency," O'Neill remarked, "This is so absurd."
He added, "Are they going to create a BRICS central bank? How do you do it? It's almost embarrassing."
