This stringent scheme determines that money is created by an independent Central Bank only in exchange for foreign currency. The Government cannot expand the money supply, nor can it create money to finance itself. Convertibility is widely regarded in Argentina as a main pillar of its economic system, and enjoys strong support from all social and economic sectors. Mercosur Mercosur is the common market formed by Argentina, Brazil, Paraguay and Uruguay as full members, and Chile and Bolivia as associate members. Since 1995 full members trade almost all items with no duties, and have established a common external tariff scheme.
Associate members enjoy trade preferences and are gradually converging towards full member status.
Since its inception in the mid 80s, Mercosur has been given highest priority in the foreign policy of all member countries across different administrations, establishing a free trade area in record time by international standards. The agenda for the future includes the incorporation of more South American countries, a trade agreement with the European Union, the coordination of macroeconomic policies among member countries and the extension of free trade to services. Total 1,082 11.9 207.6 4. Given the national tradition of investment in education going back to the last century, Argentina has an undisputed edge over the rest of Latin America in this area. Curricula include teaching of practical skills at the secondary level.