1. We believe that an alternative and innovative way to inspire other regions of the world is the New Regional Financial Architecture - involving Ecuador, Argentina, Brazil, Bolivia, Paraguay, Uruguay and Venezuela, which offers a new type of development bank, with different priorities based on building supranational food and energy sovereignty, medicine production, funding for the popular economy, the constitution of a successful science and technology base in a dialogue between the ancient knowledge and the best Western advances, as well as the deployment of other infrastructure to promote the complementarity of the production apparatus.
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NUEVA REDACCIÓN SUGERIDA: Un camino alternativo e innovador para inspirar otras regiones del mundo, es la Nueva Arquitectura Financiera Regional en la que participan Argentina, Brasil, Bolivia, Ecuador, Paraguay, Uruguay, y Venezuela, que plantea una banca de desarrollo de nuevo tipo, con otras prioridades basadas en la construcción supranacional de soberanías alimentarias y energéticas, así como en la producción de medicamentos, en la financiación de la economía popular, en la constitución de una masa crítica de ciencia y tecnología, en un diálogo de saberes relativos a los conocimientos ancestrales y a lo mejor de los avances mundiales, y en el fortalecimiento de otro tipo de infraestructura para propiciar la complementariedad de los aparatos productivos. Atención especial debe darse a los estudios en curso que se orientan al no uso del dólar estadounidense como unidad de cuenta y como dinero de compensación de los intercambios.2. We believe that this New Regional Financial Architecture is launching a new system of central banks, free from neoliberal dogmas and developing a macroeconomic monetary sovereignty and establishing Stabilization and Development Funds as an alternative to the IMF, deploying alternative means of payment at supra and sub-national levels to sponsor other productive logics in a network of networks that will lay the foundations of a new monetary order in each region. In Latin America, projects like the South Bank, the ALBA Bank, a regional currency (SUCRE) and the South Reserve Fund express hope that:2.a. The proposal of a New Regional Financial Architecture (NRFA) arises as a response to the vulnerability these countries face towards the international financial crisis and that it is their way of defending and safeguarding the livelihood (or life conditions) of their population. The New Regional Financial Architecture is based on at least three pillars: the South Bank, the South Reserve Fund and the SUCRE (a Regional Payments System). They form a new financial system aimed at channeling the region's own resources into development requirements that have not been met (or not been seen to be met) through the action of multilateral agencies.
"New Regional Financial Architecture is based on at least three pillars" -there are many other interesting iniciatives apart SUCRE2.b. The NRFA departs from the need to transform the current development banks and redefine their role, and it places the South Bank at the very heart of that change. Conceived as a multilateral development bank with different priorities and acting according to a new concept of supranational sovereignty, a sovereignty of the greater homeland. Food, energy, natural resources, health and knowledge sovereignty will be essential criteria for the development promoted by the South Bank.2.c. The South Bank brings a shift within its logic and modes of operation. Unlike the practice of conventional development banks, it aims to reduce the use of key currencies, particularly the dollar, to minimize the harmful consequences of this dependence. For example, if a partner country needs a loan, part of it must be in U.S. Dollars, for technology imports from developed countries (from the North), but other parts will be awarded in the national currencies of the partner countries, to enable the borrowing nation to import products or hire companies from the region. This produces a dynamic regional market with self-development processes, unrelated to the problems of the world economy.2.d. The second pillar is the SUCRE (Regional Payments System), consisting of a payments settlement system between various central banks. SUCRE is basically a reciprocal credit card system which banks open up to other central banks to make transactions and receive payments related to international trade - transactions not made in dollars. Instead, the system utilizes a common accounting unit or electronic currency which is used to evaluate international payments. The system maintains accounting records of how much each country sells and purchases, and pays out only the net balances. Besides promoting the use of currencies of member countries in international payments, this mechanism has a number of other benefits, namely:2.d.1. It minimizes the costs of using dollars or other foreign currencies as an intermediary for the payment of foreign trade between countries.2.d.2. It reduces transaction times and costs by not having to go through the long chain of correspondent banks, as happens in conventional payment systems.2.d.3. It reduces the need for public and private currency funds for making foreign trade payments, while giving rise to additional resource availability and, therefore, enhancing trade among member countries.2.e. The third pillar is the South Reserve Fund. This fund aims to promote monetary and exchange rates stability among member countries by designing instruments to keep international reserves at adequate levels, in case of local or external financial crises impacts. Joint management of the reserves of member countries will enable Latin America to stop accumulating reserves to place in the financial markets of the North, creating the opportunity for them to invest in the infrastructure (roads, schools, hospitals, ports, or many other works) needed in their respective countries.Go to the next forum "Transformation Strategies"
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i firmly believe that for the region of South Asia the need of south Asian centeral banck and single cruncy is inevitable. this region should take serious consideration redusing their economic and political problems as soon as possible.
Written by M.Sabir at 17 / 11 / 2010
Las posibles nuevas arquitecturas financieras regionales sin duda tienen enorme trascendencia, por el efecto ejemplo o prueba o ensayo que ellas bien podrían consolidar y transmitir. En efecto, no podemos negar importancia a un eventual y amplio acuerdo que derivara en un nuevo y conveniente ordenamiento financiero internacional. Pero seamos realistas, conseguir este acuerdo, conseguir este consenso, muy posiblemente va a ser imposible en la sociedad de nuestra época, porque no se van a lograr las adhesiones políticas necesarias. Pensemos por un momento. La actual arquitectura financiera internacional es notoriamente asimétrica, porque divide a los países en dos grupos: (1) Aquellos cuyas monedas nacionales son aceptadas como divisas de reserva (de hecho dólar estadounidense y euro); (2) El resto de los países y territorios del mundo. Y esta asimetría en la parte operativa notoriamente induce asimetría en cuanto a la distribución de ciertos beneficios. En la parte financiera, no se tratan a todos los países por igual, y en buena medida ello genera o induce muchos de los desequilibrios y de las injusticias que se observan en nuestros días. En conclusión, los llamados países del Primer Mundo, con EEUU a la cabeza, muy probablemente se negarán a aceptar un cambio radical y profundo del orden financiero internacional, y en todo momento seguramente abogarán por conceder pequeños cambios operativos, y/o acordar algunos privilegios o salvaguardias especiales a los países más pobres y comprometidos. Y ante esta presunta y cruda realidad: ¿Qué podría hacerse? Una salida posible es renunciar en un inicio a un cambio estructural importante del sistema surgido de los Acuerdos de Bretton Woods, pero promover acuerdos regionales entre países que ataquen la cuestión de los intercambios comerciales y de las transferencias de capitales. Y en el sentido que acaba de expresarse, dos orientaciones son posibles: (A) Ordenar comercio y transferencias entre los países participantes del acuerdo, entre los países miembro, y dejando intocada la cuestión de las transferencias con el resto de los países del mundo; (B) Profundizar un poco más el acuerdo regional, haciendo que todo pase por el nuevo conducto regional, y en dicho conducto establecer una puerta de vaivén que sirva para conectar la economía regional con la economía del resto del mundo. En resumen, resultará conveniente promover y ensayar nuevas arquitecturas financieras regionales, y atención preferente deberemos dar a este asunto.
Written by J.Elissalde at 07 / 12 / 2010
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