> The initial focus will be on how a new currency, which Brazil suggests calling the “sur” (south), could boost regional trade and reduce reliance on the US dollar, officials told the Financial Times. It would at first run in parallel with the Brazilian real and Argentine peso.

That last part is pretty important. Both countries have a history of severe inflation. Circulating a new currency alongside the old seems like a pretty baldfaced attempt at inflation without having to admit it. It beggars belief that either country would retire its national currency given the deflationary shock that would create.