The meeting was an attempt to revive UNASUR after the return of the left to power in many South American countries and marked the return of Venezuela. Lula da Silva went further by publicly supporting Venezuela's participation in the BRICS group of emerging economies (Brazil, Russia, India, China and South Africa).
President Luiz Inacio Lula da Silva
Equally noteworthy at this event was Lula da Silva’s proposal to create a common currency for 12 countries in South America. This idea is very timely because the EU’s experience with the euro has shown that a common currency creates a very decisive and effective driving force and premise for the strong progress of the process of cooperation, association and regional integration. UNASUR needs real development achievements and the left in South America needs concrete and practical results of governance.
The problem at present is that the idea of a common currency is not easy to implement. In this region, the power and influence of the left is not really stable and sustainable. The left in South American countries is not really united, especially on the future development direction of UNASUR and on relations with the United States. Not everyone welcomes Venezuela to return to the group like Brazil. Two other reasons why this timely idea is not yet feasible are that the current level of connection between the parties in terms of law and economy, finance and trade is not enough to prevent the common currency from dying after its birth and some countries still have a significant interest in using the US dollar.
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