By Julia Horowitz and Mia Alberti, CNNThe two biggest economies in South America are starting talks to create a common currency. At a press conference in Buenos Aires, he said establishing a common currency for trade would reduce reliance on the US dollar, whose sharp ascent last year was painful for countries around the world. “If it depended on me, we would have external commerce always in the same currency of the other countries so we wouldn’t have to depend on the dollar,” Lula said. Talk of creating a common currency has periodically cropped up since its founding in 1991. Still, investors are doubtful efforts to create a common currency in the region will gain much traction.

Source: CNN January 23, 2023 21:00 UTC