MercoPress. South Atlantic News Agency
Unasur, looking at the EU, freezes project for common currency and central bank
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.
Top Comments
Disclaimer & comment rules-
-
-
Read all commentsWhat? 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.
Jun 13th, 2011 - 05:58 pm 0Maybe 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?
Certainly that Tango ...Samba...Mambo...Rumba...Salsa...Çaça...
Jun 13th, 2011 - 07:32 pm 0Rock/Roll...Country...British seesaw disco dances...are incompatible
with each other...
An advice to Unasur countries...
occlude your British originated “” Money Laundering “” routes !
1) Wireless
Jun 13th, 2011 - 08:49 pm 0Just 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
http://www.mint.com/blog/trends/the-five-oldest-banks-in-the-world/
You Sir are not only a Turnip….. You are an ignorant Turnip
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!