Peruvian President Alan Garcia has called on South American nations to adopt a single currency in the region, the Ecuadorian daily El Comercio reported on Tuesday.
Garcia made the appeal at the inauguration ceremony of Ecuadorian President Rafael Correa in Quito.
None of the 12 currencies of South American nations performed well in the world economy, he said.
The president added that compared with the 12 currencies, the Renminbi of China, whose gross domestic product was approximately equal to that of South American nations, was playing a more and more important role in the global economy.
He hoped that South American countries' central banks could work out relevant plans as soon as possible to diminish the difference of inflation rates, a key issue that would lay the foundation for a single currency in the region.
"The unification of South American nations' currencies will be a political decision of great significance," Garcia said.
Nicaraguan President Daniel Ortega, who was also in Quito, voiced his support for the idea, saying South American nations should follow the lead of the European Union to establish a unified legislature, a single currency and a plan for common development.