Economy Minister Sergio Massa provided more details on Monday on the progress of the creation of a South American common currency between Argentina and Brazil and clarified that the new instrument “It doesn’t mean giving up the currency of each of the countries.”
Massa spoke as part of a business meeting held at the Bicentennial Museum, together with ministers and heads of industrial confederations from both countries, opened by Alberto Fernández and Luiz Inácio Lula da Silva.
“The decision of both governments and both ministries is to start work, take the first step on a long road that we must move towards the goal of a common currency for both countries”, indicated the minister sitting next to his Brazilian counterpart, Fernando Haddad.
The head of the economic portfolio clarified that the new South American common currency “It doesn’t mean giving up each country’s currency, but rather finding a common denominator trade tool that reflects the power of the region’s gross product.”
In turn, he announced that there will be invitations to join other countries in the region “in order to find an economic and commercial instrument that allows for the deepening of the commercial system between the two countries, within the region and the MERCOSUR“.
The multi-nation goal also seeks that the currency “have a reflection of each of the countries’ gross product in terms of holding and the value of each of the countries’ currencies.”
This Sunday, in a newspaper article published in Profile With the joint signing of Fernández and Lula Da Silva, the presidents announced that they will advance in the creation of a South American currency to be used for financial and commercial purposes.
New in development.
Source: Clarin
