Union of South American Nations in Mitad del Mundo, Ecuador, where the cornerstone was laid for the headquarters of the General Secretariat of the Union. In April 2018, six countries suspended membership: Argentina, Brazil, Chile, Colombia, Paraguay and Peru. In August 2018, Colombia announced its withdrawal from the organization. At the Third South American Summit on 8 December 2004, presidents or representatives from 12 South American nations signed the "Cusco Declaration", a two-page statement of intent announcing the foundation of the South American Community. Panama and Mexico attended the signing ceremony as observers in Brazil. The mechanics of the new entity came out of the
Union of South American Nations Sur, Dutch: Bank van het Zuiden, English: Bank of the South) will establish monetary policy and finance development projects. One of the objectives of monetary union is to establish a Single South American currency. Support for the creation of this currency was provided in January 2007 by Peruvian President Alan García, and other South American authorities expressed themselves in favor, as Bolivian President Evo Morales in April of that year, who proposed that the currency Only one denominated "Pacha" ("earth" in Quechua language), however, except for the right of each country to suggest a name for the common currency. The