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Reuters
Explainer-What Brazil and Argentina’s ‘currency union’ really means
Brazil and Argentina sparked some excitement on Sunday over the possibility of a potential “currency union”, though the two countries are unlikely to ditch the real or peso any time soon. In a joint letter, new Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said they wanted to “advance discussions on a common South American currency” to be used for financial and trade flows. That sparked off chatter about a European Union-style zonal currency for South America, though officials have since played that down and analysts say a full-on currency union is a distant prospect.
