Special Report:Global Financial Crisis

    BRASILIA, Oct. 27 (Xinhua) - The extraordinary meeting of the Common Market of the South (Mercosur) Council began on Monday in Brazilian capital of Brasilia to analyze the effects of the international financial crisis in the bloc.

    The meeting began with an informal meeting of the foreign and economy ministers, also the presidents of the Central Banks from Argentina, Brazil, Paraguay, Uruguay and Venezuela.

    Venezuela is in the process to join Mercosur as a full member.

    Later the meeting will be extended to the representatives from the Mercosur's associated countries -- Ecuador, Peru, Colombia, Chile and Bolivia.

    The meeting was summoned in order to debate on the aspects of financial crisis in each country and to analyze the possible measures to lighten its effects in the region.

    Brazilian President Luiz Inacio Lula da Silva, who is the temporary president of Mercosur, summoned the meeting as a request from Argentina.

    On Wednesday, Brazilian Foreign Minister Celso Amorim said the meeting will allow "agreeing a mechanism for answers, if not coordinated at least with transparency so there won't be surprises."

    Brazil also wants to avoid the global financial crisis to produce a protectionist wave in South America countries, which according to Amorim would be a wrong way to meet the challenges of the current situation.

    "Everybody knows that the crisis in 1929 was provoked by the protectionism. Each one defended transferring the problem to the other. At the end, everybody suffered. We can defend ourselves in a creative way and looking ahead," Amorim said.