Apparently this is just another step towards continental harmonization. I don't know enough about the various countries in South America to have an opinion on whether it could work or not. It depends on a lot of things, I guess, like whether all the countries are balanced power-wise.
Hopefully North America has enough sense not to even consider such a thing. If it ever does happen we're all pretty well fucked, to one degree or another. *scrubs thought out of brain*
The next President will hopefully be able to see the stupidity of it all, which is more than I can say for the current one.