Brazilian President Luiz Inácio Lula da Silva proposed creating a common currency in the region during a meeting with South American heads of state in Brasilia on Tuesday. The single currency would apply to the Mercosur trade bloc, comprised of Argentina, Brazil, Paraguay, and Uruguay, in Lula’s vision. Talk of creating a common currency there has periodically cropped up since its founding in 1991. In his opening address, Lula proposed to “strengthen the South American identity in monetary policy, through better compensation mechanisms and the creation of a shared unit of transaction for trading,” rather than relying o ... (full story)