October 11, 2014
The Impact of the BRICS’ Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB)
World Bank I Building
1850 I St NW, Room I2-210
Washington, DC 20006
Panelists: Mark Weisbrot (Center for Economic and Policy Research), Nancy Alexander (Heinrich Boell Foundation), Aldo Caliari (Center of Concern)
Chair: Deborah James, Center for Economic and Policy Research
The Center for Economic and Policy Research sponsored a panel discussion at the International Monetary Fund and World Bank annual meetings. The panel looked at the potential impact of the new BRICS’ institutions. Can the Contingent Reserve Arrangement (CRA) help prevent balance of payments crises in the coming years? How can it manage to provide sufficient and timely balance of payments support and still have a low default rate, without imposing harmful conditions? And how will the New Development Bank (NDB) choose investment projects that are socially beneficial? What are the implications of these new institutions for the IMF and World Bank?