Thursday, May 7, 2009

Moving forward, Creating a Bank of the South

South-South Cooperation: The Bank of the South

Back in March I did a small piece on the creation of the Bank of the South, a.k.a, El Banco Sur (click here to see post). Currently working on my own analysis to this development and my general view on this South American effort to create a regional bank.

For now, here are a few excerpts from today's MercoPress article.

Economy and Finance ministers from seven South American countries are scheduled to meet Friday in Buenos Aires to advance in the creation of the Bank of the South, a financial institution to fund infrastructure and development projects in the region.

“At the meeting participants will advance in the founding multilateral agreements for the establishment of the Bank of the South“, said the Argentine Central Bank in a short release.

Participating ministers are from Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela.