MercoPress. South Atlantic News Agency

Unasur finance ministers and bankers meet in Argentina to address common agenda

The group wants to make use of local currencies for inter region trade

Union of South American Nations, Unasur, Economy and Finance ministers will be meeting next Friday November 25 in Buenos Aires to address the current international crisis and advance in a common agenda. The meeting will also include Central bank presidents and governors.

Next Wednesday and Thursday the Task Group on Financial Integration, GTIF is scheduled to meet to elaborate a document based on the conclusions from the three task groups created last August 12 by the South American Economy and Finance Council.

One of those groups coordinated by Colombia and Ecuador is committed to define technical cooperation measures referred to the management of Unasur members’ international reserves which total 574 billion dollars.

Another group coordinated by Venezuela and Uruguay is expected to present a paper on how to advance in the use of the region’s currencies for commerce in the block and thus helping to bolster inter-region trade.

A third group coordinated by Brazil and Chile made a review of the Latin American Integration Association, Aladi, Payments and Reciprocal Credits system and will elaborate on a Unitary Regional Payments’ Compensation System, Sucre.

With all this information ministers and central bankers will consider options to ‘protect’ the region from the current crises in the US and several European Union countries in the framework of the plan advanced during the previous Economy ministers last August in Buenos Aires.

Argentina currently holds the temporary presidency of the Unasur Economic Council and together with Brazil belongs to G20, the global forum leading countries such as the US and the European powers share with developing countries.

The Economy ministers’ meeting was scheduled for last October 26, but was finally cancelled with no apparent motives specified.