Hipkins new NZ PM
How the Eskom crisis is re-shaping politics (but what will happen with the outrage?)
Argentina, Brazil mull currency union
Argentina and Brazil are considering establishing a common currency.
The currency will not immediately replace the Argentinian peso and the Brazilian real, but will function in parallel with those two currencies.
Sergio Massa, the Argentinian finance minister, was quoted as saying: ‘There will be . . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks.’
The new currency will help boost regional integration and reduce reliance on the US dollar.
While the new currency is for now a bilateral project, other Latin American countries will be invited to join.
A currency union representing Latin America would be the second biggest in the world in terms of economic output, after the Eurozone.
The currency has no official name yet, although ‘sur,’ which means ‘south’ in Spanish, has been suggested.
[Image: Milan Wulf from Pixabay]
