The Financial and Economic Council of the UNASUR was formed

 

City of Buenos Aires, August 12, 2011

 

After the meeting of the Economy Ministers of the countries of the Union of South American Nations (UNASUR for its acronym in Spanish), the coordinator of the meeting, Argentine Amado Boudou, announced that an agreement was reached to create an Economic and Financial Council of the UNASUR. M24Digital had anticipated it.

“We are deepening in the integration work. The financial system is not the center ofdiscussion. Even countries with different political orientation are reaching consensus that these are the ways,” Boudou said.

“When the world fell, our countries worked together and we succeed. As I said, we are moving to see how we can coordinate these mechanisms of integration,” he added.

Meanwhile, the Deputy Minister of Economy of Argentina, Roberto Felleti, said: “The task force moved into 3 axes. How to strengthen trade: the progress in all multilateral payment schemes towards a tendency to use local currencies as the best way to protect trade and our volume of international reserves”.

“The second issue was the coordination of the use of those reserves to facilitate the ability of the Central Banks to act against the volatility of the markets.”

“The third issue is the construction of regional development banks, the strengthening of the CAF and advancing in the establishment of the South Bank. It is something that takes time and work, but there is progress.”