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South American council created to tackle economic crisis in developed countries

Economics and Finance Ministers from the Union of South American Nations (UNASUR) have decided, in Buenos Aires, to take action in an attempt protect the continent from the economic crisis that has affected mainly the United States and Europe.

UNASUR members have established a council, chaired by Argentina's Minister for the Economy and Public Finance, Amado Boudou, to implement an action plan for the continent to - among other measures - use only currency used in the region in commercial transactions and to protect monetary reserves in member countries.

The council will also work to implement mechanisms to finance trade, paying special attention to the asymmetries between UNASUR member countries.

The countries that acceded to the agreement establishing a Bank of the South will also step up the implementation of the institution and the strengthening of the Andean Development Corporation (CAF), whose main aim is to promote social inclusion, development, and integration of the continent.

19th August 2011