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Weekly Report - 26 June 2008 (ISSN 1741-7422)

Ecuador pushes for regional monetary integration

Ecuador's minister of economic policy coordination, Pedro Páez , proposed creating a common monetary system for Latin America during a meeting at the headquarters of the Sistema Económico Latinoamericano (Sela) in Caracas on 20 June. Páez said that it would function as a supranational financial defence mechanism for the region in the face of global economic uncertainty and turbulence on international markets. The idea was supported by Venezuela which suggested that the Banco del Sur also assist in creating a regional stock market.

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