Monetary and financial cooperation of the BRICS countries: Problems and challenges

Subject. This article discusses the problems and challenges of currency-and-financial and trade cooperation among the BRICS countries, as well as the initiative to create a supranational common currency for BRICS. Objectives. The article aims to conduct a comparative analysis of the development of currency markets and mutual trade of the BRICS countries to understand the choice of preferential currency for mutual settlements and the possibility of currency integration based on the example of the European Union. Methods. For the study, I used an analytical approach, analyzing statistics, as well as retrospective and systems analyses, observation, classification, sampling, comparison, and generalization. Results. The article shows the levels of convertibility and internationalization of the national currencies of the BRICS countries, the nature of the development of currency markets and mutual trade, and analyzes the problems and tasks in the field of potential currency integration. Conclusions. The existing problems in the currency and trade cooperation of the BRICS countries prevent them from achieving full currency integration similar to that of the European Union in the short term.