Is monetary union an elusive dream?

On the face of it you would have thought that setting up a single currency in the GCC should have been a pretty easy prospect.

But with the likelihood that there will be no single currency for at least three years it appears that there is some structural problem that has seen the member states fail to agree on very much since they first set off on this monetary union and common market route.

I read somewhere recently that the prospects for the deal took a step forward recently when Oman announced it may join the new currency at some time in the future.