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Argentina and Brazil take steps toward creating a common currency

Dominican Today | September 2, 2006

SAO PAULO.- Brazil and Argentina have taken this week the first effective step since the foundation of Mercosur in 1991, towards the creation of a common currency, they have decided to elaborate a project aimed at not using the US dollar as a bilateral interchange currency.

Starting 2007 their bilateral interchange will be compensated in pesos and reales.

Ministers Felisa Miceli (Economy Minister, Argentina) and Guido Mantega (Internal Economy – Hacienda -, Brazil), argued that the moment justifies the beginning of this process, particularly between Argentina and Brazil, with modest but realistic measures.

"Five or six years ago there were no conditions for this", emphasized Miceli, while Mantega explained the project was impelled by the two biggest Mercosur partners in a specialized ministerial meeting celebrated in Rio de Janeiro, because together they concentrate the greatest regional interchange parcel.

"We are looking at a volume of commerce of about 20,000 million dollars per year", mentioned Mantega.

Additionally, Argentina and Brazil have reduced substantially their national debts, they are in control of fiscal accounts, and they count on an excess of foreign currency flow in their markets, he added.

Both Ministers said the protectionism shown in world commerce, forces the South American countries to protect their own, hoping this pilot program will integrate other Mercosur partners.

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