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GCC central bank - Essay Example
Finance & Accounting
Pages 3 (753 words)
Name: GCC Central Bank Executive summary The introduction of a single currency is being planned by the six member nations that make up the Gulf Cooperation Council (GCC) of which Qatar is an affiliate, include Bahrain, United Arab Emirates (UAE) Kuwait, Omar, and Saudi Arabia…
Key findings will state that (1) a GCC supranational monetary institution is required in order to conduct a singular monetary, as well as the exchange rate policy geared towards economic, financial and monetary conditions within the monetary union; (2) Qatar, as well as the other GCC state members, have already achieved an incredible degree of monetary union, but fiscal union still remains its biggest challenge and needs support by way of an appropriate fiscal policy framework, and (3) with the current high degree of structural convergence, of which is expected to diminish in light of the process of diversification in Qatar and member states of GCC’s economies (Sturm and Siegfried 6). This will call for adequate responses in policymaking. Introduction The European Central Bank (ECB) can look back to several years and comfortably say that they have achieved economic and monetary integration. Integration in Europe is far more advanced than that of Qatar and its member states, having been discussed and analyzed until it became a reference point for other regions in the world (Sturm and Siegfried 8). ...
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