Argentine Economy Minister Sergio Masa said work on the establishment of a joint Argentine-Brazilian currency will begin as early as this week, the Argentine press reported.
“There is a decision to start studying the parameters necessary to create a common currency, this concerns everything from taxation issues to the size of the economies and the role of central banks,” Masa said in a conversation with Argentine journalists.
“The goal is to give impetus to regional trade and reduce dependence on the U.S. dollar,” the minister added.
“We have to explore the mechanisms of commercial integration. I am not going to speak with false expectations, because this is only the first step in the long journey that Latin America must take,” Masa stressed.
However, the project initiated by Argentina and Brazil is not limited to these two countries. Other countries in the region may join the initiative in the future.
The idea of creating a common currency for the two countries was voiced at a recent meeting between the presidents of Argentina and Brazil, Alberto Fernandez and Luiz Inácio Lula da Silva.
