Argentina and Brazil have declared a plan for their own new currency as a way to break free from American control. As we read in Geopolitical Economy:

The governments of Brazil and Argentina are making plans to create a new currency for Latin America, called the Sur (“south” in English), according to a report in the Financial Times.

Other countries in the region will be invited to use the currency.

Their goal is to “boost regional trade and reduce reliance on the US dollar”, the newspaper noted, citing government officials.

Argentina’s Economic Minister Sergio Massa told the Financial Times that the South American nations will soon “start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks”.

Massa said they are preparing “a study of mechanisms for trade integration”. But he cautioned that it could take years to develop, and this is just “first step on a long road which Latin America must travel”.

Brazil and Argentina will discuss the currency plans at the meeting of the Community of Latin American and Caribbean States (CELAC) in Buenos Aires on January 24.

Brazil has the largest economy in Latin America, and Argentina has the third biggest (after Mexico).