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