Plans for a single currency in Latin America resurfaced after more than a decade on Jan. 23, when Brazilian president Luiz Inacio Lula da Silva announced the initiative at a bilateral conference in Buenos Aires.
The Brazilian president—commonly known as Lula—pitched the idea as a means for Argentina and Brazil to end their dependency on the U.S. dollar.
So far, Lula’s proposal has received more criticism than praise.
Regional analysts don’t see any economic benefit in a shared currency for Brazil. Moreover, some say the initiative is “not realistic” and believe a universal currency isn’t possible amid stark realities like high inflation rates and a lack of government cooperation….