In an Argentine newspaper, presidents Lula and Alberto Fernández stated that the creation of a common currency would have the objective of reducing dependence on the US dollar| Photo: Esteban Collazo/Presidency of Argentina

President Lula (PT) and the president of Argentina, Alberto Fernández, announced, in a publication made in the Argentine newspaper Profile this Sunday (22), who are studying the creation of a common South American currency for commercial and financial transactions.

According to the text, the idea is for countries to maintain the use of their local currencies, the real and the Argentine peso, but create a common currency for transactions between nations with the aim of reducing dependence on the US dollar. It is part of the plans to invite other South American countries to join conversations on the subject.

“We decided to move forward in discussions on a common South American currency, which can be used for both financial and commercial flows, reducing operating costs and our external vulnerability”, say the presidents in the publication. “The fairer and more solidary world we aspire to will only be viable if we have the courage to build our future together. This is the strategic meaning of bilateral integration”, they continue.

This Sunday night (22), Lula traveled to Buenos Aires for meetings with Alberto Fernández and other members of the Argentine government. In addition to deepening the conversation about the common currency, the PT should also sign bilateral agreements and participate in the summit meeting of the Community of Latin American and Caribbean States (Celac).