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The economic teams of Argentina and Brazil are working on the proposal for a common currency for commercial transactions. The currency would initially be shared by these two nations and would seek to avoid dependence on the US dollar to eventually give way to a common currency in Mercosur, made up of Argentina, Brazil, Paraguay and Uruguay, but with a view to other countries of the region can join the initiative. Is it a viable project? We analyze it in this program.
In the world there are several regions that have a shared currency for their commercial uses or for their legal tender. In Africa, the CFA franc is used by 14 states on that continent, most of them former French colonies, as well as Equatorial Guinea, a former Spanish colony, and Guinea Bissau, a former Portuguese colony.
The CPF franc used between the French overseas territories of French Polynesia, New Caledonia, and Wallis and Futuna, all in Oceania.
The pound sterling is legal tender in the four countries that make up the United Kingdom, but also in Crown dependencies such as the Isle of Man and Jersey, in British overseas territories such as Bermuda, the Falklands and Gibraltar, where a version is used. local pound, such as the Falkland or Saint Helena pound, which is equivalent to the pound sterling.
The East Caribbean dollar is used in six independent countries and in two UK territories, Anguilla and Montserrat. It is issued by the Central Bank of the Eastern Caribbean with headquarters in Basseterre, the capital of Saint Kitts and Nevis.
The euro is perhaps the most recent example of the implementation of a common currency. It is used by 17 countries of the European Union, in addition to Andorra, Vatican City, Monaco and San Marino, where it is the official currency. It is also used informally, but in all daily activities, in Kosovo and Montenegro.
Finally, the US dollar is perhaps the most widely used international currency for commercial transactions. In addition to the United States and its territories, the dollar is also the legal tender in Puerto Rico, El Salvador, Panama, Ecuador, the Marshall Islands, the Federated States of Micronesia, Palau, East Timor, the US and British Virgin Islands, and the Turks. and Caicos.
There are other examples such as the New Zealand dollar, the South African rand, the Russian ruble, the Australian dollar, among other common currencies.
Is the single currency initiative a viable project? Is it possible to have a single currency with economies as disparate and unstable as those of Latin America? We address this topic from the hands of our guests:
– Diana Mondino, graduate in economics and professor of finance at CEMA University in Buenos Aires, Argentina.
– Juan Carlos Martínez, professor of economic environment at IE University, from Madrid, Spain.
