• Home
  • Subjects
  • Miscellaneous
  • The Viability, Practicability, and Effects of a Currency/Monetary Union for the Gulf Cooperation Council

The Viability, Practicability, and Effects of a Currency/Monetary Union for the Gulf Cooperation Council - Essay Example

Only on StudentShare

Extract of sample
The Viability, Practicability, and Effects of a Currency/Monetary Union for the Gulf Cooperation Council

The Iraq-Iran War, Iranian Revolution and Soviet invasion of Afghanistan were all major reasons the six countries mentioned above decided to form the GCC. This was primarily because they had the same vision of how their economies should be. They also agreed on what kind of defense is most effective against entities that could damage their countries.
The council was created on May 25, 1981 while on November 11, 1981, a unified economic agreement was signed between the partner countries. After the signing of the agreement in Riyadh, Saudi Arabia, the member countries were referred to as the Gulf Cooperative Countries.
The countries around the Persian Gulf are not all council members. Even nations like Iran or Iraq which border the Persian Gulf, did not come on board with the council. Meanwhile, Yemen seems to be warming up to the thought of joining the said cooperation.
Also, its headquarters may be found in Saudi Arabia. The council, having an administrative structure, meets about twice every year. For its governing bodies, there is a supreme council, a council of foreign ministers, an arbitration commission, and a general secretariat.
After implementing most of the provisions in their said agreement by the 1990s, the GCC decided to act on the security issues of their countries. By 1984, a deployment unit called the Peninsula Shield Force with a force of 5,000 men was formed for the council. With such, the member countries went on board with a mutual understanding of a way by which they are to defend against foreign attacks, effectively increasing the force’s number to 22,000. ...Show more


The Gulf Cooperation Council (GCC), more formally known as the Cooperation Council for the Arab States of the Gulf, is a trade bloc wherein six Arab states of the Persian Gulf carry with them many economic and social objectives. …
Author : shanonblick
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"The Viability, Practicability, and Effects of a Currency/Monetary Union for the Gulf Cooperation Council"
with a personal 20% discount.
Grab the best paper

Related Essays

The Arab Gulf States Domestic Stability
The threat environment is defined by instability in neighboring states which could spill over, possible hegemonic behavior by regional powers, and, increasingly, from the potential for domestic instability. Gulf regimes have had to respond to these diverse vulnerabilities with traditional defensive measures, military modernization, and, in some cases, renewed commitments to political and economic reform."2
12 pages (3000 words) Essay
The mission of Arabian Gulf cooperation council
The Arabian Gulf Cooperation Council is the economic and political forum that coordinates policy making for at least six member states including the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
4 pages (1000 words) Essay
Political and Economic Integration Processes in The Gulf Cooperation Council
This essay mainly focuses on the characterization of the current level of political and economic integration among member countries of GCC. It also exposes major hindrances on the path of such integration, that become apparent in the countries of GCC. A belief that globalization creates world peace is supported by the countries of the union.
16 pages (4000 words) Essay
Bond Financing in Gulf Cooperation Council
Bank loans were the major source of debt financing till date. In recent times, Debt financing has added a new instrument by issuing bonds. Bonds are loans raised from market where, principal and interest in the form of coupons have to be paid periodically on agreed terms.
3 pages (750 words) Essay
MBA Diss electronic retailing in GCC countries
In countries where information technology has taken hold, businesses are continuously developing new strategies in order to cope with the continuously changing business environment and practices. In today's modern world, e-business, e-retailing now commonly known as e-tailing and e-commerce are not new phenomenon.
32 pages (8000 words) Essay
Can the Gulf Cooperation Council (GCC) emulate the model of the EU ?
It must be noted that the EU model, formed by the region’s history, is difficult to transfer or essentially inappropriate for the Arab region. The Arab regional integration project, in
40 pages (10000 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email