Monetary Union Among Member Countries of the Gulf Cooperation Council
International Monetary Fund, Aug 29, 2003 - Business & Economics - 62 pages
The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
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adopted Arabia Arab authorities average Bahrain Bahrain Kuwait banking supervision beneﬁts CFA franc CFA franc zone common central bank common currency companies convergence Currency Union decade deposit domestic ECCU Economic and Monetary established euro area European European Central Bank exchange rate regime expenditure exports external current account ﬁnancial markets ﬁnancing ﬁrst ﬁscal ﬁxed ﬂexible foreign assets foreign exchange foreign investment foreign ownership framework GCC area GCC central banks GCC countries harmonization IMF staff estimates IMF Working Paper inﬂation institutional integration interest rates International Monetary Fund investment income Kuwait Kuwait Oman Qatar labor market loans member countries ment monetary policy monetary union national central banks non-oil activities Non-Oil Fiscal non-oil revenue oil revenue Oman operations Overall Fiscal Balance percent of GDP private sector Qatar regional Saudi Arabia stability structural reforms tion tional trade U.S. dollar United Arab Emirates WAEMU