Brazil and Argentina are working on a shared currency that would be used in all Latin American countries. If they succeed, it could create the world’s “second-largest currency bloc,” according to the Financial Times.
The Euro is the world’s largest currency block. Brazil is proposing to call this new one the sur, which is Spanish for South. If adopted, it would represent at least 5 percent of global GDP.
A bloc currency is a big project and could take years to get off the ground. The Euro took 35 years to launch but that was before the possibility of digital currencies. Could that technology speed up the birth of a currency?
This will be a topic of conversation at the Community of Latin American and Caribbean States summit which starts Tuesday in Buenos Aires.