RIO DE JANEIRO/BUENOS AIRES (Sputnik) - Brazilian President Luiz Inacio Lula da Silva on Tuesday put forward a proposition to create a common currency for trade between the South American states during his speech at the regional leaders' summit.

"[I propose] creating a common credit in trade, thus reducing dependence on extra-regional currencies," he said at the South American summit in Brasilia.

On Monday, Lula commented on efforts to reduce reliance on the US dollar during his meeting with Venezuelan President Nicolas Maduro. The Brazilian president said that South America functioning as a single economic block is the only way to effectively deal with problems and take a stronger stance at negotiations......More Below

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