Mercosul faces problems related to the lack of fulfillment of their original aims: thecreation of a free trade area and a common union with rules and tariffs effectivelyshared. These problems, however, are not only the result of fragilities strictlyassociated to the block or to its institutional weakness, but also the consequence ofthe macroeconomic instability that affected its members, with the difficulties relatedto an incomplete process of stabilization. In order to go through this phase, the paperrecommends the deepening of the integration process between Brazil and Argentina.Simultaneously, a flexible architecture is proposed, including the confirmation of theoriginal targets of Mercosur, but delayed in time and progress in the coordination ofmacroeconomic policies, in a similar way to the Maastricht agreement. It is defendeda pact of stability, development, integration and predictability to be implemented in10 to 15 years, as a mechanism to restore the domestic and external credibility of theregion.
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