Brazil and Argentina discussing whether to combine currencies…

(Bloomberg) — Argentina and Brazil are in the preliminary stages of renewing discussions on forming a common currency for financial and commercial transactions, reviving an often-discussed plan that would face numerous political and economic hurdles.Most Read from BloombergSouth America’s two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region. The persistent macroeconomic imbalances of both countries, together with recurrent political obstacles to the idea, has resulted in little practical progress.On the eve of a meeting Monday in Buenos Aires, Brazil’s Luiz Inacio Lula da Silva and Argentina’s Alberto Fernandez wrote a joint article in Argentine newspaper Perfil noting that sharing their currencies could help boost regional trade.“We have the intention of overcoming barriers to our exchange, simplifying and modernizing the rules and promoting the use of local currencies. We also decided to advance discussion of a common South American currency that ca …