2014年CRI 金砖国家开发银行成立 容克当选新一届欧盟委员会主席（在线收听）

The BRICS countries have confirmed plans for a new development bank and contingency reserve.

The five members of the group -- Brazil, Russia, India, China and South Africa -- have laid out the designs at their two-day summit in Brazil.

The New Development Bank will be headquartered in Shanghai.

Each member is putting in an initial 10-billion dollars.

The 50-billion dollar float has the potential to be increased to 100-billion in the future.

At the same time, a new contingency reserve of 100-billion US dollars has also been set-aside to cushion the BRICS member countries from possible global liquidity shortfalls.

The European Parliament has elected Jean-Claude Junker as the new President of the European Commission.

Junker, the former Prime Minister of Luxembourg, will take over from Jose Manuel Barroso.

In moving to secure his election, Junker has called for a 300-billion euro investment plan for Europe.

He's also campaigned for a more democratic "troika," namely the EU, IMF and the European Central Bank, which has been responsible for the bailouts of Greece, Portugal, Ireland and Cyprus.

Junker's election as the new head of the European Commission had been strongly contested by British Prime Minister David Cameron, who considers him too Euro-centric.