Step by step...

Former Mexican President Vicente Fox confirmed the existence of a plan conceived with President Bush to create a new regional currency in the Americas, in an interview last night on CNN's "Larry King Live." (TRANSCRIPT)



ALCA is the acronym for the Area de Libre Comercio de las Américas, the name of the FTAA in Spanish.
King, evidently startled by Fox's revelation of the currency, asked pointedly, "It's going to be like the euro dollar (sic), you mean?" "Well, that would be long, long term," Fox repeated.

Source: WND

...in other news:

White House dismisses talks of common currency

The White House this morning categorically denied that President Bush is considering or has ever considered agreeing to a common currency for the U.S., Mexico and Canada to rival the Euro.

"I can assure you that President Bush is not, and has not, given consideration to any other currency for the United States. Period," said White House spokesman Tony Fratto in an e-mail.

Source: The Washington Times