Latin American Central Bank?

"I wish that it would be someday!" said Mexican president Felipe Calderon, pointing out that Latin America has very distinct economic and monetary policies.

Friday, October 31, 2008


He also highlighted the various exchange rate and monetary systems. "There are countries which have their own currency and the corresponding seigniorage; and there are countries which used other countries' currencies, such as El Salvador or Ecuador, which have their economies in US dollars.

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Unified Currency vs Dollarization

October 2009

"Almost all independent countries choose to assert their nationality by having, to their own inconvenience and that of their neighbours, a peculiar currency of their own".

This phrase by John Stuart Mill is the header of an analysis on the subject published by the Central American Monetary Council.

Ecuador in default

November 2008

Today Ecuador became the first Latin American economy to be in default, following the global financial crisis that started in September.

The Andean country's risk shot up more than 4,000 points. The government of Rafael Correa says that they have the funds but do not want to pay as yet, since they are investigating "illegalities" in the contract for the debt that expires tomorrow.

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