Special Report: Global Financial Crisis

    CARACAS, April 16 (Xinhua) -- The Seventh Summit of the Bolivarian Alternative for the Americas (ALBA) discussed on Thursday the creation of the Sucre, a common regional currency, in the Venezuelan city of Cumana.

    Venezuelan President Hugo Chavez said the creation of the Sucre would be endorsed at this summit and the single currency is expected to come into use on Jan. 1, 2010. He made the statement upon arrival at the International Airport Antonio Jose de Sucre in Cumana.

    Bolivian President Evo Morales on Wednesday said, "We, Latin Americans, are obliged to have a regional currency. We are here to boost this currency."

    Venezuelan Finance Minister Ali Rodriguez said on Wednesday that the Sucre system would be tested in September.

    The idea of a regional monetary zone with the Sucre as its currency unit was proposed by Chavez at the Third Extraordinary Summit of ALBA in Caracas on Nov. 26, 2008 in order to reduce the dependence on the U.S. dollar in the world economy.

    Chavez suggested Sucre as the name of the currency to honor Antonio Jose de Sucre, a South American independence hero. It also stands for Unified Regional Compensation System in Spanish.

    ALBA is a regional organization founded in 2004 under the initiative of Venezuela and Cuba to counter the U.S.-led Free Trade Area of the Americas.

    During the summit, the leaders of the member countries -- Bolivia, Cuba, Dominica, Honduras, Nicaragua, and Venezuela -- will also discuss issues including regional integration and strategies to face the global financial crisis.