BRASILIA, May 23 (Xinhua) -- Ecuadorian President Rafael Correa said here Friday that the Union of South American Nations (Unasur) will boost programs to help realize financial self-sufficiency in the region.

    After signing the bloc's constitutive agreement in the Brazilian capital, Correa said it was "a historical day for South America, which brings great expectation and hope."

    "We can do like the European Union (EU). As the EU has to explain why they united, we will have to explain to our children and grandchildren why we took so long to do it," he told a press conference.

    The Ecuadorian president said the integration will bring about fast and concrete results.

    "We can no longer be rhetorical, and Unasur must develop itself with concrete improvements in living standard of our peoples," he said.

    In addition, Correa mentioned the project of financial integration through the Bank of the South as "fundamental."

    "We can be self-sufficient in financial terms," said Correa, adding that, if member states keep their money "together," they will avoid having to "kneel down to get a small loan here and there."

    Correa also spoke of the importance of cooperation in energy and transportation in the region, saying that it "would safeguard our sovereignty and enhance our capacity to make our own decisions."

    He also agreed with Chilean President Michelle Bachelet on the harmonization of social and educational policies in the region.

    For example, Correa said certificates are to be recognized in all Unasur countries.

    Referring to Brazil's proposal to create a South American defense council, Correa said he approved of it, although it was not his country's priority and that it would be necessary to reach true regional consensus before turning words into action in that matter.

    He called on all countries to "permanently commit to following international law," in reference to Colombia's military incursion into Ecuadorian territory on March 1.