New Development Bank Likely to Top BRICS Summit Agenda
As Brazilian President Dilma Rousseff prepares for World Cup closing ceremonies on Sunday, she also is working on another big event. Her country will host the sixth annual BRICS summit on Monday. BRICS, the acronym for a group of five emerging national economies with significant influence on regional and global affairs, includes Brazil, Russia, India, China and South Africa.
The group of five will convene for the two-day meeting in the northeastern Brazilian city of Fortaleza. Internal cooperation and sustainable development are likely to top the agenda of the two-day summit, said Harold Trinkunas of the Brookings Institution.
“We should expect to see the announcement of a major new multilateral development bank in which the five-member state will each contribute a certain amount of capital -- up to $100 billion total over a number of years. There is also some discussion of setting up a contingent reserve authority which would sort of be an alternative to the IMF," said Trinkunas.
Discussions to create a lending institution similar to the World Bank started in New Delhi two years ago, but the Indian government says nothing is set in stone yet. Sujata Mehta, with the country’s Foreign Ministry, said, "We are still at the stage when we are negotiating it, so I wouldn't want to speculate what would be the roadmap we would be utilizing."
Ross Anthony, of the Center for Chinese Studies at South Africa's Stellenbosch University, said establishing the bank would help the BRICS countries achieve tangible economic benefits.
"Without a bank, without something material that backs up rhetoric of these five economies grouping together, BRICS will remain more of a talking club than something more substantial," he said.
However, setting up a bank of that size and reach is not likely to yield immediate results.
“Most of the other successful multi-lateral development banks that we know of, such as the World Bank, really took many years, decades even to really become fully operational and consolidated and establish a global reputation as lenders,” said Trinkunas.
There is also concern about economic growth slowing in most of the BRICS countries, but Trinkunas said most of the countries have large foreign currency reserves and are not expected to enter a major crisis anytime soon.
Meanwhile, some critics say that as important as economic development issues are, international affairs issues also should be discussed. Russia's recent annexation of Crimea is one example. While the United States and its European allies heavily criticized Russia, reaction from the BRICS countries was almost non-existent.
There are also talks of adding more countries to the group, including Indonesia, Turkey and Nigeria.
词汇解析
maximum
难度：4星核心词汇，属常用3000词
英汉解释
n.最大量；最大限度；最高点
adj.最高的；最大极限的
参考例句
用作名词 (n.)
It is the maximum the insurance company will pay.
这是保险公司所能付给的最大金额。
用作形容词 (adj.)
The demonstration was carefully orchestrated to attract maximum publicity.
该示威经过精心策划以尽量吸引公众注意。
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global
难度：4星核心词汇，属常用3000词
英汉解释
adj.全球性的；总的；球状的
参考例句
用作形容词 (adj.)
The green campaign is a global phenomenon.
绿色运动是全球性的现象。
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costly
难度：3星常用词汇，属常用6000词
英汉解释
adj.昂贵的；代价高的
参考例句
用作形容词 (adj.)
The costly post was postponed because of the frost.
那件昂贵的邮件由于霜的缘故而延搁。
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stable
难度：4星核心词汇，属常用3000词
英汉解释
adj.稳定的；安定的；可靠的
n.马棚；马厩；一批人
v.使（马）入厩；入马棚
参考例句
用作形容词 (adj.)
In order that our country could flourish and achieve its own goals, a stable environment within the country is definitely not dispensable.
国家要发展，要实现自己的目标，这是必不可少的条件，就是要国内有安定的环境。
用作名词 (n.)
He has a whole stable of informers working for him.
他有一群告密者为他效劳。
用作动词 (v.)
Where do you stable your pony?
你那匹矮种马养在哪儿?（《牛津高阶英汉双解词典》）
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property
难度：4星核心词汇，属常用3000词
英汉解释
n.财产；所有物；地产，房地产；性质；道具
参考例句
用作名词 (n.)
But you do not have the right to initiate force against the life, liberty and property of others.
但是,你没有发起强占其他人生命,自由和所有物的权利。
He performed on a studio theatre, with bare stage bounded by black curtains and with no stage properties.
他在露天剧院表演,黑帷幕围着光秃秃的舞台,没有舞台道具。
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wealth
难度：4星核心词汇，属常用3000词
英汉解释
n.【U】财富；财产；丰富；大量
参考例句
用作名词 (n.)
She is responsible for the character part of the hero's devoted mother.
她负责这个主人公的忠诚的母亲的角色部分。
His boss has a wealth of knowledge about international trade.
他的老板有丰富的国际贸易知识。
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leading
难度：5星基本词汇，属常用1000词
英汉解释
adj.领导的；指导的；主要的；在前的
参考例句
用作形容词 (adj.)
He is a leading cadre.
他是个领导干部。
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