Brazil and Argentina announced that they are making plans for creating a new currency for trade in Latin America. The currency, called the “Sur” would create the world’s second-largest currency bloc and aim to “boost regional trade and reduce reliance on the US dollar.” The leaders of the countries will discuss the plans at the seventh summit of the Community of Latin American and Caribbean States (CELAC), hosted by Argentina. Ben Norton, Journalist and Editor of Geopolitical Economy Report, explains how the development of the Sur directly challenges the hegemony of the US dollar as what the CELAC summit means for Latin American integration.
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