THE SUPREMACY OF THE DOLLAR AND THE DE-DOLLARIZATION MOVEMENT OF THE BRICS: GLOBAL IMPACTS AND ALTERNATIVES FOR A MULTIPOLAR FINANCIAL SYSTEM

Abstract

This article investigates the consolidation of the U.S. dollar’s hegemony in the international financial system and analyzes, through the actions of the BRICS bloc, contemporary de-dollarization movements as a response to the structural asymmetries of this monetary order. The main objective is to understand how BRICS initiatives aim to reconfigure the global financial system toward a multipolar model less dependent on the U.S. currency. The research is based on a bibliographical and documentary review, drawing on academic articles, institutional reports, and official documents from the New Development Bank (NDB). The findings reveal that the dollar’s supremacy, consolidated since Bretton Woods and reinforced by the petrodollar regime, grants the United States the “exorbitant privilege” of financing its deficits in its own currency while exerting global geopolitical influence. Conversely, emerging economies face exchange rate volatility and dependence on external liquidity. In this context, the BRICS’ de-dollarization efforts, although still incipient, represent a politically significant movement toward building a more balanced and plural international financial order.