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Unasur, looking at the EU, freezes project for common currency and central bank

Monday, June 13th 2011 - 16:25 UTC
Full article 11 comments
Rafael Follonier: first integration and trade compensation with regional currencies Rafael Follonier: first integration and trade compensation with regional currencies

The Union of South American Nations, UNASUR has frozen the project for a common currency and Central Bank following on conclusions from the European Union experience (and crisis), said the Argentine representative before the organization.

“When we launched UNASUR we were thinking of an only Central bank and a common currency, but the European experience made us decide to shelve the proposal”, said Rafael Follonier.

“In the EU the Euro has become a corset so no member can abandon the union”, added the Argentine delegate.

“A common currency is the last step. First we must integrate the economies, soften asymmetries. What we are involved in now, and we are working on it, is to have inter-regional trade compensated with local currencies”.

Follonier, who was former Argentine president and former Unasur secretary general Nestor Kirchner advisor, said the organization is considering the launching of a development and promotion bank that “would help with infrastructure financing but working with the private sector”.

“UNASUR has 524 physical integration projects of which 25% are under construction or have been finished”, particularly roads, bridges, tunnels, passes.

The Planning, Infrastructure and Physical Integration Council is planning to meet next week in Bogotá, Colombia.

Last Friday Buenos Aires was to host UNASUR first South American Economic Council which was to bring together all members Finance ministers and Central bank governors but had to be cancelled because of the volcanic ash cloud covering south and central Argentina.

Categories: Economy, Politics, Latin America.

Top Comments

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  • Wireless

    What? No mentioning of the British joining the European Union, yet rejecting the Euro and retaining GBP? Maybe we know more about financial money markets than people give us credit for, after all, we invented modern Banking.

    Maybe Argentina, if it can survive the volcanic ash that will certainly hit its Peronist Economy heavily, will model itself on the British, after all, we know best.

    Nah, it'll take the Argentine Final Collapse before anyone wakes up and realises they were living the Big Lie, in the meantime, sweet dreams eh?

    Jun 13th, 2011 - 05:58 pm 0
  • yul

    Certainly that Tango ...Samba...Mambo...Rumba...Salsa...Çaça...
    Rock/Roll...Country...British seesaw disco dances...are incompatible
    with each other...

    An advice to Unasur countries...
    occlude your British originated “” Money Laundering “” routes !

    Jun 13th, 2011 - 07:32 pm 0
  • Think

    1) Wireless

    Just how many times do you, Mr. Wireless wish to publicly embarrass yourself?

    Last time you said:
    “The Commonwealth of England, was the World's first Republic.”
    ...............Wrong by about 500 years

    You now say:
    “We invented modern Banking.”
    ................Wrong again by at least a couple of hundred years

    You Sir are not only a Turnip….. You are an ignorant Turnip

    Jun 13th, 2011 - 08:49 pm 0
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