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.
詞匯解析
maximum
難度：4星核心詞匯，屬常用3000詞
英漢解釋
n.最大量；最大限度；最高點(diǎn)
adj.最高的；最大極限的
參考例句
用作名詞 (n.)
It is the maximum the insurance company will pay.
這是保險(xiǎn)公司所能付給的最大金額。
用作形容詞 (adj.)
The demonstration was carefully orchestrated to attract maximum publicity.
該示威經(jīng)過精心策劃以盡量吸引公眾注意。
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global
難度：4星核心詞匯，屬常用3000詞
英漢解釋
adj.全球性的；總的；球狀的
參考例句
用作形容詞 (adj.)
The green campaign is a global phenomenon.
綠色運(yùn)動(dòng)是全球性的現(xiàn)象。
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costly
難度：3星常用詞匯，屬常用6000詞
英漢解釋
adj.昂貴的；代價(jià)高的
參考例句
用作形容詞 (adj.)
The costly post was postponed because of the frost.
那件昂貴的郵件由于霜的緣故而延擱。
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stable
難度：4星核心詞匯，屬常用3000詞
英漢解釋
adj.穩(wěn)定的；安定的；可靠的
n.馬棚；馬廄；一批人
v.使（馬）入廄；入馬棚
參考例句
用作形容詞 (adj.)
In order that our country could flourish and achieve its own goals, a stable environment within the country is definitely not dispensable.
國家要發(fā)展，要實(shí)現(xiàn)自己的目標(biāo)，這是必不可少的條件，就是要國內(nèi)有安定的環(huán)境。
用作名詞 (n.)
He has a whole stable of informers working for him.
他有一群告密者為他效勞。
用作動(dòng)詞 (v.)
Where do you stable your pony?
你那匹矮種馬養(yǎng)在哪兒?（《牛津高階英漢雙解詞典》）
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property
難度：4星核心詞匯，屬常用3000詞
英漢解釋
n.財(cái)產(chǎn)；所有物；地產(chǎn)，房地產(chǎn)；性質(zhì)；道具
參考例句
用作名詞 (n.)
But you do not have the right to initiate force against the life, liberty and property of others.
但是,你沒有發(fā)起強(qiáng)占其他人生命,自由和所有物的權(quán)利。
He performed on a studio theatre, with bare stage bounded by black curtains and with no stage properties.
他在露天劇院表演,黑帷幕圍著光禿禿的舞臺,沒有舞臺道具。
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wealth
難度：4星核心詞匯，屬常用3000詞
英漢解釋
n.【U】財(cái)富；財(cái)產(chǎn)；豐富；大量
參考例句
用作名詞 (n.)
She is responsible for the character part of the hero's devoted mother.
她負(fù)責(zé)這個(gè)主人公的忠誠的母親的角色部分。
His boss has a wealth of knowledge about international trade.
他的老板有豐富的國際貿(mào)易知識。
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leading
難度：5星基本詞匯，屬常用1000詞
英漢解釋
adj.領(lǐng)導(dǎo)的；指導(dǎo)的；主要的；在前的
參考例句
用作形容詞 (adj.)
He is a leading cadre.
他是個(gè)領(lǐng)導(dǎo)干部。
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