Make haste slowly on GCC monetary union | GulfNews.com:
"The recent opening of the Gulf Monetary Council in Riyadh is undoubtedly a historic moment. However, this should in no way suggest that the GCC countries should speed up the process of implementation of the Gulf Monetary Union (GMU).
Among other things, the scheme in its current form suffers from an acute lacuna, with two member states, the UAE and Oman, opting to shun the planned union. If a third of the GCC’s six-member grouping decides to stay out, this is clearly a major shortcoming.
The UAE’s absence is exceptionally significant by virtue of it commanding the second largest GDP among Arab states let alone within the GCC entity. In fact, the UAE is a regional leader in trade, finance and aviation, to name a few such areas."
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