Brussels, 09/07/2014 (Agence Europe) - At a summit in Fortaleza (Brazil) on Tuesday 15 and Wednesday 16 July, the BRICS (Brazil, Russia, India, China and South Africa) will discuss the creation of a development bank and a reserve fund.
The development bank and the reserve fund would work together with the World Bank and International Monetary Fund. The development bank would have US$100 billion in reserves, half in the form of cash (US$10 billion per country, see EUROPE 10916). It will be...