Jim O’Neill says BRICS currency is a distant dream and internal divisions are biggest challenge

Jim O’Neill coined the term BRIC in 2001 in a research paper highlighting the enormous growth potential of Brazil, Russia, India and China. The then chief economist of Goldman Sachs highlighted the need to reform global governance to include these emerging countries in his paper. Today, the group represents 45% of the world’s population and 35% of its economy. O’Neill, who admitted he would “leave Mr BRICS engraved on his forehead forever”, however said the group had achieved very little in the past 15 years. In an interview, he added that it was not possible to solve truly global problems without the United States and Europe – just as it was not possible for the West to solve truly global problems without China, India and, to a lesser extent, Russia and Brazil. The BRICS group emerged from meetings between Russia, India and China, which then began to meet more formally, eventually adding Brazil, then South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia has not yet officially joined.