Ahead of a summit of the Community of Latin American and Caribbean States (CELAC) in the Argentinian capital of Buenos Aires on Tuesday, word had spread that Argentina and Brazil wanted to create a common currency, reportedly called the sur, after the presidents of both countries published an opinion piece saying they were renewing discussions of the matter. Such a move would create the world’s largest currency union after the 20-nation eurozone in Europe.
Latin America accounts for 5% of the world’s gross domestic product, the EU for 13%. Little wonder, then, that the project dominated business headlines in Europe over the weekend. In South America, meanwhile, the announcement barely caused a stir.
Since the first integration projects began 50 years ago, politicians in both…
