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Finance & Accounting
Pages 4 (1004 words)
Central Bank for GCC Executive Summary The Gulf Cooperation Council (GCC) consists of six countries, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The study focuses on role of the central bank proposed to be established by the GCC countries, arguments for and against the GCC central bank and appropriate structure of the central bank taking into account the unique features of the GCC economic zone.
Introduction International financial crisis in the recent years calls for monetary integration and regional cooperation of the countries for efficiently dealing with the crises and protecting the interests of the member countries. The monetary policies of a central bank plays pivotal role in regulating interest rates and inflation in the countries with a view to ensure economic growth. The monetary policies of a central bank have impact on various economic factors such as employment, liquidity in the system and stability of the currencies. Central bank proposed for the GCC countries aims at financial stability in the GCC countries with a view to reorient the strategies of the group countries in response to the dynamic international economic situation and to promote economic cooperation among the group countries. Therefore, the structure of the central bank should be designed to achieve these objectives in relation to the group countries. Arguments for & against GCC Central Bank According to Al-Bassam (2013, p. 105-106), ‘Their peoples share a common language, religion and traditions... ...
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