NewsMine — war-on-terror — latin-america — Viewing Item

South america eyes common currency { April 2008 } Original Source Link: (May no longer be active)    http://www.forbes.com/afxnewslimited/feeds/afx/2008/05/26/afx5047714.html http://www.forbes.com/afxnewslimited/feeds/afx/2008/05/26/afx5047714.html South America eyes common currency 05.26.08, 2:59 PM ET BRASILIA (Thomson Financial) - South America is thinking of creating a common currency and a central bank along the lines of those in the European Union's euro-zone, Brazilian President Luiz Inacio Lula da Silva said Monday. The idea is a logical next step following the signing last Friday of a teaty creating a Union of South American States that aims to promote joint regional customs and defense policies, Lula said during his weekly radio broadcast. 'Many things still haven't been realized. We are now going to create a Bank of South America. We are going to move forward so in the future we'll have a single central bank, a common currency,' he said. But, he added: 'This is a process. It won't be something that happens quickly.' Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela all signed up to the UNASUR treaty creating the regional union during a ceremony in Brasilia last Friday. The entity's goal is to bring together two trade blocs within South America, Mercosur and the Andean Community, and to integrate the region. Brazil is also pushing for a regional defense council that could be used as a forum to settle inter-regional disputes as well as formulate joint policies. Lula said the creation of UNASUR was 'the realization of a dream,' and evidence of remarkable economic and political progress South American nations have made in recent decades. Brazil, Latin America's biggest economy, has taken the lead in the new entity. But Colombia, the strongest U.S. ally in South America and a country often at odds with neighboring Venezuela and Ecuador, has decided not to join. Lula stated that 'nobody can think of this as a crisis' in the nascent bloc, noting that several EU nations also opted out from aspects of European integration such as adopting the euro. tf.TFN-Europe_newsdesk@thomsonreuters.com afp/ejb COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved.

bolivia colombia guatemala mexico Bolivia leader forms socialist indigenous cabinet Bolivia shocks world with gas nationalization { April 2006 } Brazil poor occupy farms hoping for help Bush tours latin america for social justice { March 8 2007 } Chile elects first woman pro free trade socialist Chile embraces free market socialism { March 20 2005 } Chile replaces US ambassador { May 14 2003 } Ecuador congress ousts president amid protests { April 20 2005 } Half million brazilians killed over land disputes { December 2008 } Hypocrisy of outcry over bolivia renationalisation { May 16 2006 } Labor organized murdered in el salvador { December 2 2004 } Latin america democracy strained by poverty New bolivian leader criticized neoliberal reforms { January 23 2006 } Peru crackdown strikers { May 28 2003 } Priest defends landless peasants in brazils amazon Sandinista leader hoping for return in nicaragua Sandinista leader leads nicaragua polls { October 24 2006 } South america eyes common currency { April 2008 } US warns nicaraguans against coup { September 9 2005 } Files Listed: 19

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.