Utopia or Reality? Monetary Unions in South America: An Economic and Political Approach
Keywords:
Latin America, monetary integration, autoregressive vectors, regional integration, political integrationAbstract
This research examines the feasibility of monetary integration in South America by incorporating both economic and political perspectives. From an economic standpoint, countries belonging to the can are better positioned to adopt a common currency compared to Mercosur countries. However, the political analysis concludes that the necessary political conditions for monetary integration in South America are inadequate. The key political limitations include the absence of a regional leader at both political and economic levels, an overabundance of integration projects, reliance on ideological alignments to advance integration processes, reluctance among states to cede sovereignty, and the lack of supranational institutions. Therefore, it is unlikely that monetary integration will occur in South America in the short or medium term.
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