COCHABAMBA, Bolivia, Oct. 16 (Xinhua) -- The 7th Summit of the Bolivarian Alternative for the Americas (ALBA) began here on Friday with an aim to create the Single System of Regional Compensation (SUCRE).

    Bolivian President Evo Morales inaugurated the two-day summit, during which the creation of SUCRE, a single regional currency, would be approved.

    The idea of a regional monetary zone with SUCRE as its currency unit was proposed by Venezuelan President Hugo Chavez in November 2008 in a bid to reduce the dependence on the U.S. dollar in the world economy.

    The summit is also expected to issue a declaration on strengthening measures against the de facto government of Honduras.

    Chavez, Ecuadorian President Rafael Correa, Cuban Vice President Jose Ramon Machado as well as other leaders of ALBA nations attended the meeting.

    The ALBA was created in December 2004 under the initiative of Venezuela and Cuba to counter the U.S.-led Free Trade Area of the Americas.