The Governments of Brazil Argentina Are looking at the prospect of combining their monetary systems. Sergio Massa, Argentina’s Minister Of EconomyAccording to, the CELAC summit will address the topic. Buenos Aires On January 24.
Latin American Nations Consider Merging Money
The Governments of Brazil Argentina At present, the concept of a unified currency is being examined. Representatives CELAC summit will bring together delegates from both nations Buenos Aires We will look at the requirements for introducing a shared unit of money. Sergio Massa, Argentina’s Minister Of EconomyAccording to, this could encompass economic size and fiscal policies in addition to involvement from central banks.
Massa Brought up the European Union As a model, noting that it took 35 year to implement the euro. He commented:
There will be…a decision to start evaluating the criteria necessary for a mutual currency, which includes everything from fiscal matters to the magnitude Of the economy and the part of central banks.
The Minister of Economy It was also clear that this is only the start of a long journey. He stated:
I don’t want to set up unrealistic expectations…this is just the starting point of a lengthy journey Latam You must take.
Including Other Latin American States
The Currency concept is still in its early stages of discussion. Brazil Argentina They also mentioned that they would like to include other countries in the region. Massa commented: “They are Argentina and Brazil inviting the rest of the region.”
The Idea of a single money Latin America Support has been increasing lately. During His presidential campaign Brazil’s President Luis Inácio Lula Da Silva They voted in favor of the notion. At A rally in May, he claimed that it could aid in reducing the region’s dependence on foreign monies, particularly the US dollar.
Venezuela’s President, Nicolás Maduro, hAs also been a supporter of the currency proposal. In NovemberHe called it “it” “remarkable” and proposed that digital assets should form part of the new financial system.
What What are your thoughts on the potential of a common currency? Latam? Share Your ideas are welcome in the comments section.
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