10. In June 2012, in our meeting in Los Cabos, we tasked our Finance Ministers and Central Bank Governors to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA) amongst BRICS countries. They have concluded that the establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect, help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability. It would also contribute to strengthening the global financial safety net and complement existing international arrangements as an additional line of defence. We are of the view that the establishment of the CRA with an initial size of 100 billion U.S. dollars is feasible and desirable subject to internal legal frameworks and appropriate safeguards. We direct our Finance Ministers and Central Bank Governors to continue working towards its establishment.
10、2012年6月,我们在洛斯卡沃斯会晤时指示财长和央行行长探讨通过成立金砖国家应急储备安排来建设金融安全网.他们的结论是建立一个自我管理的应急储备安排具有积极预防效果,将帮助金砖国家应对短期流动性压力,提供相互支持,并进一步加强金融稳定.这也将作为一道增加的防线,为补充现有国际外汇储备安排、加强全球金融安全网做出贡献.我们认为在符合各自国内法律和具有适当安全保证的条件下,建立一个初始规模为1000亿美元的应急储备安排是可能和共同期待的.我们指示财长和央行行长继续朝着建立该安排的目标努力.
11. We are grateful to our Finance Ministers and Central Bank Governors for the work undertaken on the New Development Bank and the Contingent Reserve Arrangement and direct them to negotiate and conclude the agreements which will establish them. We will review progress made in these two initiatives at our next meeting in September 2013.
