The draft Gulf Cooperation Council [GCC] single currency project – which represents the most controversial and contentious issue being discussed by the GCC – has now entered a historic phase in terms of implementation, according to reports. This comes after the GCC’s 33rd summit called for initiatives with announced deadlines to be put forward to transition towards a state of greater financial and economic integration between GCC states.
The lack of resolution regarding the single Gulf currency is one of the leading obstacles to GCC economic integration. As a result, GCC states are likely to step up their meetings over the forthcoming months with the objective of reaching an agreement to resolve the single currency issue.
Well-informed Gulf sources told Asharq Al-Awsat that resolving the single currency issue is a goal that many GCC states are seeking to achieve, adding “there will be no Gulf Union in the economic sense without a single currency. There are some obstacles that have prevented the resolution of this issue, and this is something that must be remedied in light of the recommendations of the GCC summit that is taking place in Manama over the current week.”
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