Argentina and Brazil are studying a project toward establishing a common currency. Eventually other South American nations may be invited to join the monetary union, creating an instrument similar to the euro, representing 5% of world’s GDP.

The official announcement may be made this weekend in Argentina, when Lula da Silva, President of Brazil is arriving to Argentina for the CELAC meeting.

It was suggested that the new currency may be called “sur”.

This is the first step of what may turn to be a long process. Implementation of the euro took 35 years.

Source: Financial Times.

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