Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?
It is too early in my estimation to jump into conclusion about this. We are still observing the developments. Since it is a new group it is expanding. From what has been reported over 40 countries applied. Some interesting things to note about his group is that it aims to reduce reliance on politicized US dollar, enhance trade with local currencies. I think that this is good. Although my country is yet to join(I don't know if she will), yet I have argued in one of my posts in my local board that my country's economy will fare better if we move away from the heavy reliance on the US Dollar. Of course other steps needs to be taken in addition to this but this in itself if it happens will be a game changer.