The Bank of the South is one of the main goals of this new architecture, as well as the Sucre, a currency to replace the hegemony of the dollar in the Latin American regional trade.

The current architecture is bankrupt, not only it is in crisis itself but it has caused other crises, by wearing out the Latin American productive apparatus and leading to backwardness in the value chain, Paez explained.

If the typical phase of economic-military and environmental imperialism is the supremacy of the export of capital goods above material goods, overcoming it requires a new fair trade scheme and efficient regulation mechanisms. This is based, according to Paez, on three pillars: the Bank of the South, the Fondo del Sur and a common Latin American currency that reduces dollar dependence: the Sucre.

“The crisis is cornering our governments and peoples in a situation almost without options”, Paez insists. He believes we should take advantage of this political scenario in the region to make a turn in the direction of the capitalist financial inertia, given the undeniable evidence of the terrible results of three decades of neoliberalism.