"We've proposed that the Common Market Council meets, that Foreign Affairs and Economy ministers get together because it's obvious we're going through very special times and we must exchange opinions", said Minister Jorge Taiana during an interview on Wednesday, October 8.
The announcement followed another bleak day for Latin-American markets and currencies dragged by the collapse of Wall Street and the global lack of confidence.
Taiana did not advance a place or day for the ministerial summit but he did insist the purpose was "to exchange opinions, information, coordinate positions and have common replies, and particularly share a common assessment of the evolution of the situation".
Latin-American markets have been falling for several weeks now, fearing a strong slowdown in the world's leading economies, which will impact on the solid regional growth of the last few years and lead to a depreciation of commodity prices.
"Undoubtedly this financial crisis, which most certainly will move to the real economy is going to have implications and we must be prepared to respond quickly and concertedly to avoid negative effects," added Taiana.
The Mercosur Common Market Council is an executive body responsible for the elaboration of the group's work agenda and negotiating agreements with third parties in representation of Mercosur.
Its agreements are resolutions and it is made up of Foreign Affairs and Economy ministers plus central bank presidents.