A Roundtable Discussion of the Working Group “Sovereign Economic and Financial Development” Took Place in Moscow

On April 12, HSE University in Moscow hosted a round table of the Working group “Sovereign Economic and Financial Development” within the BRICS Civil Forum.

The event was moderated by Nikolai Ostarkov, a Member of the General Council of All-Russia Public Organization “Business Russia” and Co-Chair of the Working group.

Leading academics and specialists in Russian finance and economics convened at the event to discuss the group's future agenda and main areas of focus. The discussions included proposals from the Russian side aimed at shaping the stance papers of the BRICS Civil Forum, which will undergo further international debate involving representatives from all member states.

The attendees talked on the possibilities for the international financial system going forward as well as its current state. Experts emphasized the possibility of an abrupt cascade collapse and the systemic hazards connected to a bubble-based financial system. It was agreed upon to abandon the current unipolar financial system and create a sovereign and egalitarian financial system inside BRICS in order to reduce these risks. Rethinking the dominant economic narratives and moving economics toward cultural pluralism received a lot of attention. The necessity of creating alternative financial frameworks independent of dollar domination was underlined by the participants. One proposed outcome of this transition could be the establishment of a special issuing and processing centre within the BRICS framework. Participants emphasized the significance of strengthening BRICS’ attractiveness as an international platform for shaping a new global financial system.

Follow-up discussions will continue at the national level in both face-to-face and online forms and will subsequently involve representatives from the BRICS states.