Why Does It Not Make Sense to Create a Monetary Union in Mercosur? A Keynesian Alternative Proposal

The article has two objectives. On one hand, it intends to show how inconsistent the proposal of creating a currency union among the countries of MERCOSUR is, as the final step of an integration process in this region. On the other hand, it argues that only a (Post) Keynesian alternative proposal of (1) managing fiscal and monetary policies, and (2) requiring appropriate institutional arrangements can reconcile the full employment with external equilibrium to the MERCOSUR countries in a global world.