The success of the possible Mercosur. Mercosur can be observed from two different perspectives. One from an ideal integration project, whose reference is the European Union. The other, based in the profound prevailing asymmetries within the region and the progress achieved since the founding bilateral agreements of presidents Alfonsin and Sarney, in 1985. From the first perspective, Mercosur in a failure; from the second, it has achieved considerable success. The integration process is displayed in three levels: the national density prevailing in the member countries, the rules of the game of the system and the common standings vis a vis the rest of the world. The future of Mercosur depends on progress achieved in these three levels and the opening of new possibilities of national development for each member country in a regional framework.

RESUMO A dolarização é geralmente um fenômeno monetário agudo. Acompanha processos inflacionários de curta duração. Na América Latina, é comum ouvir-se uma ameaça de dolarização, mas a dolarização efetiva ocorre apenas com a hiperinflação. Uma exceção é a Argentina, onde há um fenômeno historicamente novo: uma dolarização crônica e duradoura. Se a inflação crônica (inercial) é particularmente difícil de controlar, a dolarização crônica é ainda mais difícil. agudo duração Latina ouvirse ouvir se hiperinflação Argentina novo duradoura inercial (inercial controlar

ABSTRACT Dollarization is usually an acute monetary phenomenon. It accompanies short-lived inflationary processes. In Latin America, it is usual to hear of a threat of dollarization, but effective dollarization only takes place with hyperinflation. An exception is Argentina, where there is a historically new phenomenon: a chronic, long-lived dollarization. If chronic (inertial) inflation is particularly difficult to control, chronic dollarization is still more difficult. phenomenon shortlived short lived processes America hyperinflation Argentina longlived long inertial (inertial control