Argentina and Brazil to work on a common currency

Brazilian President Luiz Inácio Lula Da Silva on Monday said that the economy teams of the governments of Argentina and Brazil will work on the design of a common currency for commercial transactions between the two countries.

Speaking at a joint conference in Buenos Aires, he said both countries would make a proposal for the currency, and that it would avoid dependence on the dollar. He also urged "to create" a common currency with other Mercosur countries, the shared commercial bloc between Argentina, Brazil, Paraguay and Uruguay.

Meanwhile, Fernández acknowledged that both presidents are unaware of how a common currency could work, either between the two countries, or in the region. This is Lula's first international trip as president since he took office last January 1. On Tuesday, both presidents will participate in the summit of the Community of Latin American and Caribbean States (CELAC).