A discussion to have a single currency for Latin Americas largest economies is on the table to be discussed in a summit in Buenos Aires.
Both countries agree that a single currency could reduce external vulnerabilities, boost regional trade and reduce reliance on the US dollar.
Argentine leader Alberto Fernandez and Luiz Inacio Lula da Silva from Brazil are set to lead the discussion with the intend to overcome the barriers to both exchanges, simplify and modernize the rules and encourage the use of local currencies.
This will also be the first step to advance discussions on a common South American currency.
The Brazilian leader suggested calling the new currency "SUR" (south) hinting that it would run in parallel with the current Real and Argentine peso during the first years.