Upon his arrival in Buenos Aires, President of Brazil Luis Inacio Lula Da Silva explained that their discussions would circle around a Latam common currency for cross-border settlements.
Why not create a common currency with the Mercosur countries, with the BRICS countries? I think that is what is going to happen. You can establish a type of currency for trade that the central bank sets.
Lula also stated that he would prefer international trading transactions to be always settled in currencies native to their countries to reduce dependence on the U.S. dollar. Fernando Haddad, minister of economy of Brazil, offered more insight into the objectives of the two countries,Trade is very bad and the problem is precisely the foreign currency, right? So we are trying to find a solution, something in common that can grow the trade.President of Argentina Alberto Fernandez also referred to the hypothetical currency in the same terms that Lula did.
The truth is that we don’t know how a common currency between Argentina and Brazil works, nor do we know how a common currency will work in the region. But what we do know is how the economy works with foreign currencies to trade. The joint statements of Fernandez and Lula Da Silva went against the expectations that some had on the retail and widespread character that this currency would have, fueled by the statements that the minister of economy of Argentina, Sergio Massa,
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