Will S. America get its own currency?

The European Union has the euro and conspiracy theorists believe that North America will one day get the “amero.” But could South America soon have its common currency?

Twelve South American countries created a regional body called UNASAUR last week designed to increase economic and political ties. Yesterday, Brazilian President Luis Inacio Lula da Silva suggested that the body’s next step should be the establishing of a regional central bank and common currency:

'Many things still haven't been realized. We are now going to create a Bank of South America. We are going to move forward so in the future we'll have a single central bank, a common currency,' he said.

But, he added: 'This is a process. It won't be something that happens quickly.'

Lula also said that the bloc’s leaders will work to help “economically fragile” members such as Paraguay, Uruguay and Bolivia.

Aside from a common currency, future plans for UNASUR may include the absorption of regional trade blocs as well as the creation of a South American Defense Council.

Image- Dallas Morning News (UNASUR flag)

Sources- Associated Press, Forbes, BBC News, The Latin Americanist, Xinhua, Galveston County Daily News, Wikipedia