President Leonel Fernández proposed during his keynote opening speech at the Circle of Montevideo the creation of a tax on money transfers in Latin America. The tax would be used to create a fund that would mitigate the disparity between wealthy nation economies and developing nation economies. President Fernández says that globalization has increased the flow of capitals in international financial markets, to the point US$1 trillion a day is transfered. The fund would help governments respond to the economic and social needs of the region and better position Latin American nations to participate in the regional integration process. The City of Santo Domingo hosted from 11-13 November the Sixth Plenary Session of the Circle of Montevideo (http://circulomvd.mailcom.net/). Among VIP participants were the Presidents of Uruguay and Brazil, Julio Maria Sanguinetti and Fernando Henrique Cardoso. Former Latin American statesmen and directors of multilateral organizations, such as the Interamerican Development Bank, the International Monetary Fund and the Economic Commission for Latin America and the Caribbean also attended the event.
