Brazil and Argentina plan to introduce a single currency

The Financial Times reports that Brazil and Argentina may soon announce the start of preparations for the creation of a single currency.

The newspaper quotes Argentine Economy Minister Sergio Massa as saying: “A decision will be made to start studying the necessary criteria for a single currency.”

He noted that other countries of Latin America will be invited to this project.

The official announcement of these plans is expected during the visit of Brazilian President Lula da Silva to Argentina, which begins on Sunday. The newspaper quoted an official as saying that the two sides had previously discussed the project, but the Central Bank of Brazil, which opposes the introduction of a single currency, is preventing the project from moving forward.

She added that Brazil is proposing to name the new currency “sur”.

Source: News