Brazilian President Calls for Creation of Common Currency for South American Trade
© AP Photo / Mark LennihanThis April 3, 2019, file photo shows a tip box filled with U.S. currency in New York. In these uncertain times, financial advisers are urging clients to not only have an emergency fund but also to consider expanding their rainy-day savings.
© AP Photo / Mark Lennihan
RIO DE JANEIRO/BUENOS AIRES (Sputnik) - Brazilian President Luiz Inacio Lula da Silva on Tuesday put forward a proposition to create a common currency for trade between the South American states during his speech at the regional leaders' summit.
"[I propose] creating a common credit in trade, thus reducing dependence on extra-regional currencies," he said at the South American summit in Brasilia.
On Monday, Lula commented on efforts to reduce reliance on the US dollar during his meeting with Venezuelan President Nicolas Maduro. The Brazilian president said that South America functioning as a single economic block is the only way to effectively deal with problems and take a stronger stance at negotiations.