A Track Record of Monetary Integration in the Southern Cone: Possible Lessons and Future Prospects
The currency crisis of 1999 in Brazil and the current debt crisis in Argentina has put economic integration in MERCOSUR under stress. Fears of disintegration seem to be more prevalent than optimism on a further deepening of economic and eventually monetary integration in MERCOSUR. The development of the European Economic and Monetary Union (EMU) clearly shows that economic and monetary integration has to be seen from a long term view. Therefore it seems worthwhile to discuss even in times of distress as to the integration process of MERCOSUR what has been learnt from integration efforts in the past and to speculate on what the future path, in particular, of monetary integration could be in MERCOSUR.
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