The GCC states will be well advised to learn from the mistakes of the Euro zone countries as they embark on the planned monetary union, a leading economist has said.
A monetary union without a fiscal union will not succeed, said Paul Donov
In order to achieve critical mass, a GCC monetary union would need to involve all six member states, a top exper said.
'But the four countries still committed to the single currency should not be put off with the idea that two others w
The six-nation Gulf Cooperation Council (GCC) has made much progress to clear the last obstacles for the bloc's long-awaited customs union but total completion will take two to three years, Kuwait's finance minister said.
Oman's minister of finance forecast on Saturday GDP in real terms for 2010 at 6.1 per cent, and inflation at 3.5 per cent, without giving comparative figures for the previous year.
Ahmad Mekki, who is also the minister of national econ
A proposal to name the new GCC common currency Khaleeji has been turned down, it has emerged.
Finance Ministry resources and information assistant under-secretary Ismail Al Marhoon said the name had been suggested ever since the common cur
An agreement has been reached on a time frame for the planned Gulf single currency ahead of the crucial Gulf annual summit on Monday, said a report quoting a senior Kuwait official.
'Gulf foreign ministers agreed on a time frame f
Abu Dhabi's annual inflation rate is currently below 4 per cent and the country has no plans to rejoin the Gulf monetary union project, the director general of the emirate's council for economic development said on Monday.
Kuwait, one of four Gulf states to sign a pact to launch a monetary union and single currency, has called for a delay in the 2010 launch date, citing incomplete preparations.
'The ministry of finance calls for revising the target date
The United Arab Emirates sees no compromise possible now that would allow it to rejoin plans to create a Gulf monetary union, UAE central bank governor Sultan Nasser Al-Suweidi said on Monday.
'We have certain concerns with the GCC mon
Gulf states should implement a monetary union and single currency in phases, Kuwait's central bank governor said, casting further doubt on a 2010 target date.
'Due to the limited progress achieved so far... I believe that the best