GULF STATES: UAE withdrawal undermines monetary union - Oxford Analytica

Report title: GULF STATES: UAE withdrawal undermines monetary union

from Oxford Analytica
1297 word report published May 22, 2009

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Abstract:

After repeated questioning of the original 2010 deadline by Gulf Cooperation Council (GCC) officials, the withdrawal of Oman in 2006, and Kuwait's re-pegging in 2007, the UAE's withdrawal makes it unlikely that GMU will materialise soon. To succeed, GCC states will need to muster greater political will and translate it into transparent, effective GCC policy-making and structures.

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GULF STATES: Monetary union doubtsGULF STATES: UAE withdrawal undermines monetary union On May 20, the United Arab Emirates announced its withdrawal from the planned Gulf Monetary Union. After repeated questioning of the original...

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Oxford Analytica

Country / Region:

ME/NAF, Gulf states, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, Qatar

Topic:

economy, banking, exchange rate, foreign policy, government, integration, monetary, opposition, policy, prices, reform, talks

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Table of Contents:

GEOGRAPHIC REGIONS : ME/NAF, Gulf states, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, Qatar

TOPICS : economy, banking, exchange rate, foreign policy, government, integration, monetary, opposition, policy, prices, reform, talks

SIGNIFICANCE : After repeated questioning of the original 2010 deadline by Gulf Cooperation Council (GCC) officials, the withdrawal of Oman in 2006, and Kuwait's re-pegging in 2007, the UAE's withdrawal makes it unlikely that GMU will materialise soon. To succeed, GCC states will need to muster greater political will and translate it into transparent, effective GCC policy-making and structure

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