Not feasible, even if it's timely.

This meeting was an attempt to revive UNASUR after the return of the left to power in many South American countries and marked the return of Venezuela. Lula da Silva went even further by publicly supporting Venezuela's participation in the BRICS group of emerging economies (Brazil, Russia, India, China, and South Africa).

President Luiz Inacio Lula da Silva

Equally noteworthy at this event was Lula da Silva's proposal to create a common currency for the 12 South American countries. This idea is very timely because, as the practice in the EU with the euro has shown to date, a common currency creates a very decisive and useful impetus and prerequisite for the strong progress of regional cooperation, integration, and unification. UNASUR needs substantive development achievements, and the left in South America needs concrete and practical results of governance.

The current problem is that the idea of ​​a common currency is not easily feasible. In this region, the power base and influence of the left are not yet truly stable and sustainable. The left in South American countries lacks genuine unity, particularly regarding the future direction of UNASUR and its relationship with the US. Not all countries welcome Venezuela back into the group as they do Brazil. Two other reasons why this timely idea is not yet feasible are that the current level of integration between the parties—legal, economic, financial, and trade—is insufficient to prevent the common currency from failing after its creation, and some countries still have a significant interest in using the US dollar.

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