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Weekly Report - 3 July 2008 (ISSN 1741-7422)

MERCOSUR: Mercosur finds unity in EU-US bashing

Mercosur displayed unusual unity in its latest summit this week. But this unity was based on criticism of the European Union (EU) and the US for their perceived anti-immigration stances and role in the current global food and economic crisis. In terms of concrete accomplishments the summit was more successful then previous meetings, yet results were still very mixed: on the one side there is no end in sight for the trade asymmetries that undermine the bloc, while on the other the use of local currencies in commerce was almost ready for implementation. Brazil and Venezuela have also found new common ground, but there is still no estimate for Brazil's congress to ratify Venezuela's membership in Mercosur.

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