7709 - MILA: A new direction for integration in Latin America?

The Mercado Integrado Latino Americano (MILA) integrates the stock exchange operations of Chile, Colombia and Peru. Contrary to traditional and more recent projects of integration in Latin America MILA has two remarkably interesting and innovative features. Firstly, it was genuinely generated from below. It is the result of the initiative, effort, and will of the private sector, with the state responsible only for the necessary regulatory framework. Secondly, this is a very focused and self-contained project. It does not aim at universal but sectorial integration. The paper argues that these two characteristics offer credible incentives for enforcement, one of the most problematic issues of regional integration in Latin America. Still, the role of the state cannot be discounted for the working of private initiatives. If the possibilities of intra-regional trade may have reached a peak, MILA offers an alternative method to foster integration.

Keywords: MILA, integration, cooperation, Latin America, private sector

Author: Gardini, Gian Luca (University of Bath, United Kingdom/Ver Königr)


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