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Finance & Accounting
Pages 4 (1004 words)
Finance and Accounting individual assignment Contents Contents 2 Part A 3 Executive Summary 3 Part B 4 Introduction 4 Part C 4 Discussion 4 Structure of the Suggested Central Bank for GCC 4 European Central Bank and Central Bank of GCC 5 Arguments For and Against the GCC Central Bank 6 Objectives and functions of GCC central bank 7 Part D 8 Conclusion 8 References 9 Part A Executive Summary The Cooperation Council for the Arab States of the Gulf is also known as Gulf Cooperation Council (GCC).
It has five branches in major cities in the nation and the head office is in Abu Dhabi. The central bank has seven departments which include Banking operations, Banking supervision and Examination, Financial control, treasury, Research and statistics, Administrative affairs, internal audit. The similarity between European central bank and GCC central bank is that both have established single currency for the nation. The similarity between them is idea of currency integration. But the difference will appear in case of challenges that will be faced by GCC as compared to euro currency crisis. It was seen that during global financial crisis in 2008, GCC central bank made some difference in monetary policy which had helped it to keep it rate untouched. For the central bank of GCC, main problem was not to fix the liquidity but to fix the inflation rate. ...
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