I wasn't proposing a Seuro organized around a group with no fiscal authority. I was proposing a Seuro organized with a fiscal authority consisting of an SCB, a treasury and an elected board of governors to oversee policy for both, including the issue of bonds of joint liability and the uses to which the funds so generated would be used. I am not really familiar with the details of Mercousur, though the 'free movement of capital' is worrying. I was expressing a hope with regard to the possible future development of a monetary union in South America, but would be concerned about one that is set off on the wrong path already. Dilma Rousseff had an interesting background and is encountering push back from the population with regard to elite excesses surrounding the Olympics and World Cup. There are at least some hopeful possibilities there.

As I have noted I think my proposed plan could work, IF PROPERLY IMPLEMENTED, but proper implementation is rather improbable, especially as such a large portion of the population has no idea of what is required for a system to work in their favor and most seem inclined to trust the thieves currently looting them while thinking 'they would never do something like that.'

As the song said:

Here I stand, ticket in my hand,
waiting on the train to the promised land.
Waiting for EVERYMAN.

A better system is possible, but perhaps not with the people we have.  Yet.

"It is not necessary to have hope in order to persevere."

Do you see a substantial likelihood that the existing EMU will, on its own or through EU institutions, evolve into a union that will promote the interests of all members to a reasonable degree? Is that more probable than developing a separate union along lines I have proposed?  

"It is not necessary to have hope in order to persevere."