GCC central bank - Essay Example

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Name: GCC Central Bank Executive summary The introduction of a single currency is being planned by the six member nations that make up the Gulf Cooperation Council (GCC) of which Qatar is an affiliate, include Bahrain, United Arab Emirates (UAE) Kuwait, Omar, and Saudi Arabia…
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Key findings will state that (1) a GCC supranational monetary institution is required in order to conduct a singular monetary, as well as the exchange rate policy geared towards economic, financial and monetary conditions within the monetary union; (2) Qatar, as well as the other GCC state members, have already achieved an incredible degree of monetary union, but fiscal union still remains its biggest challenge and needs support by way of an appropriate fiscal policy framework, and (3) with the current high degree of structural convergence, of which is expected to diminish in light of the process of diversification in Qatar and member states of GCC’s economies (Sturm and Siegfried 6). This will call for adequate responses in policymaking. Introduction The European Central Bank (ECB) can look back to several years and comfortably say that they have achieved economic and monetary integration. Integration in Europe is far more advanced than that of Qatar and its member states, having been discussed and analyzed until it became a reference point for other regions in the world (Sturm and Siegfried 8). ...
It seems to be the most advanced initiative among various attempts to achieve monetary integration in many regions of the world, given the timetable and state of preparations. Moreover, the degree of economic convergence, in particular monetary convergence that has already been achieved is high compared to other regions. With this realization, the GCC central bank’s monetary union will be the second essential monetary union in the world in relation to GDP and population, after the euro area. Furthermore, it is worth noting that this integration initiative is taking place in an area, the Middle East, which has up till now been characterized by a very low degree of economic integration and failed attempts to foster regional economic interaction in an effective fashion, and whose economic performance has attracted considerable attention currently. Lastly, the GCC monetary union plan has so far not been extensively covered in the economic literature (Sturm and Siegfried 9). Over the last few years, the ECB has been in communication with monetary agencies and central banks in the location and the GCC Secretariat General to discuss with other regional groupings for potential sessions from monetary incorporation in the EU, to the degree that these are relevant to the region. This being said, while Qatar is eyeing monetary integration, what are the objectives of a monetary union? The objective of the monetary union in the GCC central bank are embedded in a wider economic integration process, for which am ambitious, but consistent agenda has been laid out. With the realization of free trading areas as well as customs union and completion of a common market, introduction of a single currency is the next item on the agenda. With Read More
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