Last week, over Thanksgiving, it’s safe to say that some Latin Americans may have given thanks for increased cooperation among countries in the region.
Venezuela hosted a summit of ALBA (the Bolivarian Alternative for the America) last Wednesday in Caracas which brought together the leaders of member countries Bolivia, Nicaragua, Honduras, Cuba, and Dominica. Also in attendance was President Correa of Ecuador.
Among the initiatives proposed by Venezuela was the creation of a common currency. President Chavez said it could act as “a monetary zone of solidarity-based commercial exchange” to reduce dependence on the U.S. and financial institutions like the IMF and World Bank.