Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Hezbollah condemns terrorist blasts carried out against worshippers in Pakistan.
NATO: Decision to deploy additional forces to address the current situation in Kosovo.
Al Mayadeen correspondent reports more than 50 people were injured when a bomb exploded in the Mastung area of the Pakistani province of Balochistan.
Iranian Intelligence Minister Esmaeil Khatib: The assassinations were scheduled to be carried out on Saturday with the aim of stirring up national and sectarian strifes in the country
Iranian Intelligence Minister Esmaeil Khatib: A series of attempts to assassinate a number of Sunni scholars, judges, and IRGC officers was thwarted
Twin shootings in Rotterdam led to multiple deaths: Dutch police
Dutch Police: Rotterdam shooter arrested
US imposes fresh Sudan-related sanctions: Treasury Department
Dutch Police: Two were wounded in a shooting in the city of Rotterdam, southwest of the country, and the attacker is still at large
Russia halts nuclear fuel exports to US over lack of insurance: Rosatom

Brazilian President Lula suggests unified South American currency

  • By Al Mayadeen English
  • Source: CNN
  • 31 May 2023 21:52
  • 2 Shares
  • x

Lula says the unified currency would apply to the Mercosur trading bloc, which includes Argentina, Brazil, Paraguay, and Uruguay.

  • Lula
    Colombia's President Gustavo Petro, Bolivia's President Luis Arce, Brazil's President Luiz Inacio Lula da Silva, Argentinian President Alberto Fernandez, and Chilean President Gabriel Boric hold hands as they pose during the South American Summit at Itamaraty Palace in Brasilia, Brazil, on May 30, 2023 (Reuters)

During a meeting with South American leaders in Brasilia on Tuesday, leftist Brazilian President Luiz Inacio Lula da Silva proposed the creation of a regional currency, CNN reported.

In Lula's proposal, the unified currency would apply to the Mercosur trading bloc, which includes Argentina, Brazil, Paraguay, and Uruguay. Since the bloc's establishment in 1991, there has been talk of creating a unified currency, the news website noted.

Instead of depending on extra-regional currencies, Lula said in his opening address, he suggested strengthening "the South American identity in monetary policy, through better compensation mechanisms and the creation of a shared unit of transaction for trading." 

Related News

Brazilian court rejects Bolsonaro appeal against 8-year political ban

Tree last seen 200 years ago rediscovered in Brazil

The Brazilian President stressed that regional development banks, such as the Andean Development Corporation (CAF), the Bank of the South, and Brazil's development bank BNDES should boost their efforts to contribute to the region's social and economic growth.

It is noteworthy that this is not the first time that regional leaders have proposed the creation of a unified South American currency, CNN mentioned.

Lula's proposal comes as part of his de-dollarization campaign to end Western hegemony. In mid-April, the Brazilian President called from China on countries of the Global South to work toward ditching the USD in their international trade and resort to their own currencies instead.

Earlier, Lula underlined that it is time for a united South America after long years of division, calling for economic, cultural, and social integration between its countries.

Read more: De-dollarization: Slowly but surely

  • Brazil
  • South America
  • Luiz Inácio Lula da Silva

Most Read

Russia destroyed leopard tank in Ukraine with fully-German crew

Russia destroyed leopard tank in Ukraine with fully-German crew

  • Europe
  • 23 Sep 2023
Blinken’s ‘Variable Geometry’ for a New Cold War

Blinken’s ‘Variable Geometry’ for a New Cold War

  • Analysis
  • 24 Sep 2023
BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

  • US & Canada
  • 25 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
BBC to restrict top hosts' social media usage
Europe

BBC to restrict hosts' social media for chiding anti-migration remarks

Germany, 'Israel'
Europe

Germany signs 'historic' deal to acquire Israeli-made Arrow 3 system

Secretary of State Antony Blinken speaks during a media briefing at the State Department, Tuesday, Aug. 15, 2023, in Washington. (AP)
Europe

'Never say never': Blinken on Biden-Putin meeting in the future

Plastic found in clouds may contaminate everything we consume
US & Canada

Microplastics in clouds cause 'plastic rainfall', infect everything

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS