BRICS Initiative on Contingent Reserve Arrangement (CRA)

BRICS Initiative on Contingent Reserve Arrangement (CRA) A Media Note on the informal meeting of BRICS Leaders ahead of the G20 Summit in St. Petersburg highlighted some of the key decisions arrived at during the BRICS Leaders meet on 5 September 2013, ahead of the formal opening of the G20 Summit. The Note stated, “The Leaders noted the continued slow pace of the recovery, high unemployment in some countries, and on-going challenges and vulnerabilities in the global economy, particularly in advanced economies. They believe that major economies, including G20, could do more to boost global demand and market confidence. In light of the increase in financial market and capital flow volatility during recent months, the BRICS Leaders reiterated their concerns they had expressed in the D...
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