GULF Arab countries planning a monetary union should take some time to draw lessons from the troubles in the euro zone and give fiscal policies equal importance in the process, Kuwait's foreign minister said on Sunday.
'There are a lot of lessons' to be drawn from the euro zone problems, the foreign minister, Mohammad Sabah al-Salem al-Sabah, said. 'We should pause a little bit and try to learn from what happened with the European monetary union. It would be irresponsible to proceed 'business as usual' without minding or... (learning) from the euro problem,' he said.
Sabah spoke to reporters in the Saudi Red Sea port city of Jeddah after a meeting of Gulf Cooperation Council (GCC) foreign ministers. In addition to Kuwait, which currently holds GCC's rotating presidency, the bloc includes Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
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