South America is thinking of creating a common currency and a central bank along the lines of those in the European Union's euro-zone

South America is thinking of creating a common currency and a central bank along the lines of those in the European Union's euro-zone, Brazilian President Luiz Inacio Lula da Silva said Monday. The idea is a logical next step following the signing last Friday of a teaty creating a Union of South American States that aims to promote joint regional customs and defense policies, Lula said during his weekly radio broadcast. 'Many things still haven't been realized. We are now going to create a Bank of South America. We are going to move forward so in the future we'll have a single central bank, a common currency,' he said. But, he added: 'This is a process. It won't be something that happens quickly.' Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela all signed up to the UNASUR treaty creating the regional union during a ceremony in Brasilia last Friday.