The main argument of this paper is that initiatives for regional cooperation - particularly related to short-term external financing: reserve sharing and trade-related payments systems - are promising avenues for policy efforts, in face of an international financial situation marked by...

This paper discusses the prospects for the integration of South America, stressing that there are two competing projects. On the one hand, we have the Free Trade Area of the Americas (FTAA), as proposed by Washington, or bilateral free trade agreements with the United States in the FTAA format....