For the leaders of the BRICS countries, the announcement in July of their agreement to establish a “New Development Bank” and a “Contingent Reserve Arrangement” was a public-relations coup. The NDB makes sense for the BRICS, and it has a future, but the CRA is empty symbolism, and that is how it will be remembered.
BERKELEY – For the leaders of the BRICS countries (Brazil, Russia, India, China, and South Africa), the announcement in July of their agreement to establish a “New Development Bank” (NDB) and a “Contingent Reserve Arrangement” (CRA) was a public-relations coup. The opportunity for a triumphal group photo was especially welcome for Brazilian President Dilma Rousseff, in light of her country’s ignominious World Cup defeat and slack economy, and for Russia’s President Vladimir Putin, given the international reaction against his government’s support of the rebels in Ukraine.
BERKELEY – For the leaders of the BRICS countries (Brazil, Russia, India, China, and South Africa), the announcement in July of their agreement to establish a “New Development Bank” (NDB) and a “Contingent Reserve Arrangement” (CRA) was a public-relations coup. The opportunity for a triumphal group photo was especially welcome for Brazilian President Dilma Rousseff, in light of her country’s ignominious World Cup defeat and slack economy, and for Russia’s President Vladimir Putin, given the international reaction against his government’s support of the rebels in Ukraine.