BRICS: Is France joining the club?

Fri 16 Jun 2023 ▪ 3 min of reading ▪ by Luc Jose A.
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In an already well-established geopolitical context, BRICS is gradually carving out a significant disruptive role. This coalition of emerging nations is intensifying its economic power with such force that the pressure keeps mounting. This trend is redefining global power dynamics, and some states, like France, seem to have no intention of remaining mere observers.

The flag of France and the colorful BRICS logo

Are there signs of France’s interest in BRICS?

Could France be the first European state to join BRICS? The question may sound laughable, considering that France is among the world’s largest economic powers.

However, this query is not without relevance. In fact, recent events suggest that France could join this coalition of economically growing countries.

Among these events, we can mention recent statements by French President Emmanuel Macron. The leader has notably called on his fellow European Union members to resist. Resist the trend of the Old Continent following the dynamics dictated by Uncle Sam’s country.

This policy of resistance would mean that Europe should refrain from getting involved in crises that are not its own. It is a reference to the risk of the United States defaulting on its debts. According to Macron, this situation exacerbates the risks to the US dollar, which Europe must work to limit its dependence on.

As a result, France is turning away from the US dollar to a lesser extent. For example, in March, it used Chinese yuan instead of dollars to pay for a liquefied natural gas (LNG) contract with China.

This was the first time that a European country, allied with the United States, conducted a significant transaction using the currency of its rival. This development, which is not insignificant, speaks volumes about the geopolitical warfare being waged against America.

In fact, this dynamic may contribute to the fall of the dollar sooner than expected. According to Anil Sooklal, the South African ambassador to BRICS, several European countries are considering following in France’s footsteps.

Could these be some of the major changes that Arthur Hayes announced as potential influencers of cryptocurrency prices, particularly Bitcoin? This evolution is worth monitoring closely.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.