Financial and monetary cooperation in south america: making the case for a deeper integration among the UNASUR Countries

Resumen

The international financial crisis and the ‘great recession’ have substantially altered the dynamic process of the international economy, as well as they brought the idea that it is necessary a substantial reform of the global finacial architecture. At the same time, the regional integration proposal became an important strategy to the development countries, especially to the South American countries. Thus, this article aims at investigating the existing mechanisms of monetary and financial cooperation in South America and questionating if they can ensure progress in regional integration. The idea is to show that, on the one hand, the UNASUR can be a consistent process of  regional integration, and, on the hand, to propose a creation of a Regional Market Maker to UNASUR to boost trade and financial relations, discipline and standardize macroeconomic policies and prevent any disruptive situation resulting from financial and exchange rate crises.