Brazil is not against dedollarization of the global financial system and trade, but this process should take place gradually, through a “safe action”, said Minister of Foreign Affairs of Brazil Celso Amorim.
“I do not know whether the world is ready to say “let’s replace the dollar with special drawing rights (SDR) or something similar”, but why should not we go in the direction of this?” – S. Amorim told reporters at the UN headquarters.
According to the Brazilian minister, the rapid abandonment of the dollar as the world main reserve currency would be terribly wrong as the leading developing countries keep their international reserves in dollars, transmits Reuters.
Earlier, China and Russia advocated the development of a new, more equitable and balanced international monetary system, in which national reserve currencies could take the place of the dollar.
However, economists note that in the foreseeable future, the dollar is unlikely to be removed from its dominant position in international finance.

Of course, large-scale crisis plans of the authorities had their effect, and investors are gradually beginning to return their confidence. But some experts warn that the crisis is not yet finished, and soon many banks will have to write off their assets. This is particularly true of European banks, underscore the market participants.

According to estimates of some analysts, European banks will have to cancel orders of about $ 280 billion of bad assets over the next year and a half, and a lot will depend on their ability to attract new capital. “Banks should be able to earn money and solve their problems. Investors’ attitudes to them depend largely on these skills, – said bank analyst of Hugh baths Shtinis Morgan Stanley. – Of course, investors are asking how many banks will need time to recover from the crisis”. In early March shares of European banks fell to their lowest level over the past 17 years. Then they were able to somewhat balance their decline and the growth of bank securities in Europe grew by about 20% during the period of this year. However, we should not forget that in the event of a panic among investors the quotes of companies of the banking sector may once again collapse; even though the threat of collapse of the European banking system is left behind. Meanwhile, rating agency S & P warned earlier this week that the financial environment still leaves much to be desired, and that not all European financial groups will survive the current crisis. “Earlier this week, another rating agency Moody’s downgraded the ratings of 25 European banks. Among the “low” rated banks were Spanish bank BBVA, German Deutsche Bank, French BNP Paribas and a huge number of smaller banks. In turn, UBS analyst John-Paul Kratchli notes that the European banking sector still “lacks capital.”

The most interesting thing is that U.S. banks have managed to attract new capital much better than the European ones have done. For example, during the period of this year European banks have attracted about 42 billion dollars of new capital. Last year the figure was 126 billion dollars. For comparison: the U.S. banks attracted 68 billion U.S. dollars only during this quarter. And there is every reason to assume that the European banks will have to try to find the money as soon as possible.