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Peru’s Alan Garcia proposes one universal currency for South America

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http://filer.livinginperu.com/news/img/garcia_bachelet.jpg300397Garcia and Bachelet
Peru’s Alan Garcia pictured with Chile’s Michelle Bachelet
© livinginperu.com
(LIP-jl) — Peruvian President Alan Garcia presented his idea of creating a unified currency for all of South America Monday morning.

Garcia, who is in Quito for Ecuadorean President Rafael Correa’s inauguration ceremony, stated that his proposed "South American Dollar" will enable more competitiveness between economies in the region.

Additionally, the Peruvian head of state commented it will help strengthen South America’s competitiveness against other world economies.

"As a region, we produce more than China. However, we are weaker in comparison because we have 12 different currencies. China produces less but its Yuan continuously influences both the US Dollar and Euro," manifested Garcia.

"12 different currencies have far too little value in the world" added Garcia who also suggested that unifying South America’s currencies into the South American Dollar could help the region surpass China in trade and global development.

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Garcia proposes one currency for countries of Andean Community (CAN) (by LIP, Sept. 25, 2006)
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