Russian economist Anton Tabag said that the current system of monetary relations and trade settlements has long been in crisis, but recent geopolitical events may take on a different dimension and shape.
“The existing financial system has long been degraded. The stagnation in the volume of trade and freedom of trade has worsened since 2012, and the financial system is collapsing due to the requirements of regulators and the fight against money laundering, etc. recently also because of the sanctions. Given recent developments outside the financial sphere, this process can take on another full-fledged form.
The economist expressed confidence that the new system is in the process of formation.
“If we turn to history, something similar happened already in the second half of the 19th century, when currency blocs and customs unions were created, restrictions and fees were imposed on transactions outside these blocs and unions. Now we are witnessing this at a new stage and a new technological level,” — he said.
Source: RIA Novosti