Brazil will host the leaders of Russia, India, China, and South Africa for the 2014 BRICS Summit during July 15-17, 2014. This Summit is expected to launch the $100 billion Contingency Reserve Arrangement (CRA) and further details on soon to be established BRICS Development Bank will be unveiled. In June 2012, Brazil had proposed the establishment of a BRICS contingent reserve pool and bilateral swap arrangement which could ease short-term liquidity pressures and strengthen financial stability in the event of…