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Brazil and Argentina talked abo高清飄雪ut creating a common currency to shake o視頻高清ff the hegemony of the dollar
2023-01-30 11:15
At the recent 7th summit of the Co大地影院mmunity of Latin American and Caribbea國語視頻n States, two regional powers,成全好姑娘 Brazil and Argentina, proposed the creation 大地飄雪of a common South American currency.
Argentina and Brazil are exploring the launch of 姐姐藝術a common currency that could lead to the w國語資源orld's second largest curren資源國語cy area.
Brazil and Argentina will announce at a summit inMV在線 Buenos Aires that they are start姑娘藝術ing preparations for a "common飄雪高清 currency" and will invite ot動漫在線her countries in Latin America 高清版直播to join, the Financial Times reported yes視頻動漫terday. The move could create the動漫大地 world's second-largest currency ar動漫GOea after the euro.
Officials were quoted as saying the sumTV美麗mit would focus on how a common curre好姑娘資源ncy, dubbed SUR (south) by Brazil, could boo飄雪飄雪st regional trade in future to reduce the姑娘視頻 region's reliance on the US dollar.
Argentine President Cristina FernGO資源andez and Brazilian President Lui視頻影院z Inacio Lula da Silva confirmed We直播姐姐dnesday that the two countries are considering l國語動漫aunching a common currency, Xinhua reported.
Argentine Economy Minister Sergio Massa姑娘在線 told the Financial Times that the me飄雪姑娘eting would discuss the parameters needed to cre在線姐姐ate a common currency, including fiscal 中文版高清版issues, the size of the economy高清版丁香花, the role of the central bank and many oth飄雪國語er aspects.
He added: "It will be a study of t國語MVrade integration mechanisms. I don't want 直播MVto raise any false expectations. T丁香花噼裡啪啦his is the first step in a long road th噼裡啪啦姐姐at Latin America must take."
The plan is a bilateral project. Massa 動漫姐姐said Argentina and Brazil would invite other 美麗影院countries in the region to join the姑娘美麗m. But Massa also said the plan could take國語在線 many years to realize.
Venezuelan President Nicolas Ma中文版國語duro said Wednesday that his country supports 免費高清版a proposal by Brazil and Argentina to c資源中文版reate a common currency for South A在線TVmerica.
The plight of Latin American countr中文版MVies
Economists pointed out that th飄雪噼裡啪啦e United States has been exploiting the hegemony 視頻高清of the dollar to harvest the worl藝術丁香花d through the operation of the F國語噼裡啪啦ederal Reserve for a long time,高清版大地 and Latin America has also suffered a lMV資源ot.
In the late 1970s and early 1980s,MV國語 the Fed abruptly raised rates after a 高清版丁香花years-long rate-cutting cycle. The appr國語國語eciation of the dollar led to a large amo影院GOunt of money flowing back to the Unite成全在線d States, and Latin American countries, becaus視頻藝術e they had borrowed a lot of dollar debt, fa姐姐噼裡啪啦ced enormous pressure to repay t美麗成全he debt, so many countries fell into成全免費 the debt trap.
The move by Brazil and Argentina to propose a丁香花姐姐 common currency reflects a desire by co美麗大地untries in the region to reduce their GO成全dependence on the dollar.
The latest proposal comes as Argentina str視頻TVuggles with more than three de影院國語cades of high inflation. On January 6, 好姑娘中文版2023, Argentina's central bank predicteTV藝術d that inflation would reach 98.4% in 2023.
With economic downturn, hyperinf動漫影院lation, debt problems and social 免費影院unrest, Argentina is once again caught i美麗視頻n a "storm". Since the beginning of 20美麗大地22, the cumulative depreciation of the Ar國語姐姐gentine peso has exceeded 40%, which further 美麗美麗increases the imported inflation免費好姑娘ary pressure and capital outflow risk of Arge動漫美麗ntina, and also reduces the governmen噼裡啪啦成全t's solvency.
The government has imposed frequent im藝術國語port restrictions since late 2021GOTV in an effort to shore up the central bank&高清版視頻#39;s foreign exchange reserves, whichGO高清 fell to less than $29 billion as of 視頻高清August last year.
Moreover, while the Brazilian real's cumula姐姐影院tive depreciation against the dollar so far in 資源資源2022 is only 6.5% -- a relatively resilient藝術在線 emerging market -- Brazil, like Arge飄雪動漫ntina, has spent a lot of its reserves on imp視頻在線orts, and its reserves have fallen by $29.4 bilTV動漫lion.
The integration process of CELAC is MV影院worth looking forward to
Argentine economist Hernan Lecher told repTV高清orters that Brazil and Argentina together account中文版MV for more than 50 percent of the South Amer免費飄雪ican economy.
Coming together now for a commo影院噼裡啪啦n currency, despite its operational complexiti中文版噼裡啪啦es, is good news for both countries' economGO好姑娘ies: in Brazil's case, it will increase成全中文版 Brazilian exports and lead to further growth;
For Argentina, it would allevi成全資源ate the current shortage of dollar reserves and高清藝術 reduce the trade risks arising f資源影院rom reliance on the dollar.
Mr Lecher also said the introduction姑娘動漫 of a common currency would require 好姑娘美麗better communication and bridging資源動漫 differences between Argentina and Brazil ove噼裡啪啦動漫r macroeconomic policies, the role of cent高清版好姑娘ral banks and productivity levels.
Carlos Mardel, a Brazilian economics profe直播高清ssor, pointed out that the introduc姐姐直播tion of a common currency in Braz在線視頻il, Argentina and other South American countri好姑娘大地es will be one of the strategies to promoGOGOte regional integration in Latin America.
Although the idea of a common currency iGO中文版n South America has been criticised 飄雪影院by many liberal economists, it TV高清版"has strong arguments and dese資源姐姐rves further discussion".
Mardell also said that because Latin Ameri丁香花在線ca's economies are "extremely uneven,&q丁香花GOuot; slower developing economies ar丁香花MVe likely to take a more effective path to直播資源 integration into world markets once they adopt t資源GOhe common currency, as Portugal an姐姐姑娘d Greece have shown since joinin噼裡啪啦噼裡啪啦g the euro.
Jose Karamuru, a former ambassador to China丁香花免費 and a member of the international advisory cou中文版國語ncil of the Brazilian Centre for Internatio成全噼裡啪啦nal Relations, said the idea of a免費美麗 common currency was a "good idea在線成全" but introducing a common currency t高清版噼裡啪啦o replace the Brazilian real and the A好姑娘高清rgentine peso would require more co-ordMV影院inated action and time from both cou直播影院ntries.
For the time being, he said, it is de動漫國語sirable that Brazil and Argentina may高清中文版 be discussing the introduction of a monetary uni飄雪成全t (similar to the European Monetary U丁香花噼裡啪啦nit (ECU), the unit of measurement used by EurMV美麗opean Community members before the eur直播動漫o was formed) to facilitate trade between高清版大地 the two countries and reduce their reGO直播liance on the dollar to settle trade.
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