Brazil proposes to create single currency for South America

Brazilian President Luiz Inácio Lula da Silva has suggested developing a unified currency for commerce among South American nations, according to a speech he made during a summit of the region's leaders.

He stated, "(I suggest) the establishment of a common unit of money in commerce, decreasing reliance on extra-regional currencies."

The subject of lessening reliance on the dollar came up at the Brazilian president's meeting with Nicolas Maduro the day before. Lula da Silva asserts that South America must function as a unified entity if the region is to solve issues more successfully and negotiate with greater strength.

source: cnn.com