MercoPress. South Atlantic News Agency

Brazil announces a regional central bank and common currency

Pte. Lula da Silva

After having formally launched last Friday the Union of South American Nations, Unasur, the region in on track to creating a Central Bank and a common currency announced this week Brazilian president Lula da Silva.

"Much has yet to the formalized. But now we are going to start a South America bank so that in the near future we can have a joint central bank for the region and a common currency. It's a process, it's not something to rush", said Lula da Silva during his weekly broadcasted program. Unasur was created last Friday in Brasilia by the presidents of the region with the purpose con having a common space for "political concertation". Unasur is "a dream comes true" said Lula da Silva recalling "what South America was just a few years ago and what it's now. There has been an extraordinary evolution". He pointed out that the consolidation of regional unity will demand help for the smaller countries and Brazil being the largest economy in the region "has a particular interest in achieving this goal". "We need investments in Bolivia; we must strengthen Uruguay, Paraguay and Bolivia. We have the responsibility of helping them because the stronger the South American countries, the more peace, democracy, trade, jobs, profits and development", added the Brazilian president. Lula da Silva considered non important the fact that a Brazilian initiative to create a South American defense council with the purpose of avoiding regional conflicts, did not count with the necessary consensus. Colombia was the only country to reject the initiative arguing its permanent combat against organized terrorism. "In the European Union some countries did not accept the common currency or a common constitution, but nobody considers that the motive for a crisis". "Divergences that might surge inside the recently born Unasur should not be an obstacle for regional development. "I always have in mind France, which was destroyed by Germany and half a century later they got together to start the European Union", said Lula da Silva. According to the Brazilian president "we South Americans were indoctrinated that whatever we undertook would not function, that we're poor, that we are not consistent or perseverant and that we need to depend on United States or the European Union. But what has really happened is that South America's geopolitics has changed"-