In a paper published in the Global Policy journal on March 26, O'Neill called on the group to apply strict criteria to ensure the addition of any new members to its ranks helps further its aims and urged it to focus on climate finance, improving healthcare and boosting trade.
"The US dollar plays a far too dominant role in global finance. Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic."Brazil, Russia, India and China established BRIC in 2009 and the bloc became BRICS a year later when South Africa was admitted. If it expands to include other "emerging nations with persistent surpluses," a globally fairer, multi-currency global system could emerge, O'Neill said.
Comment: As reality continues to divide, there is little chance opposing ideologies will cooperatively merge.