Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation?
AbstractThe paper reviews the experience of regional economic cooperation in the Gulf Cooperation Council (GCC). Conceived as a regional security alliance, the GCC has evolved to become a common market in the making. All six GCC countries participate in the common market project, and additional countries may join. But the timing of introducing a common currency, initially targeted for 2010, remains uncertain, especially in the light of the ongoing euro area crisis. Two countries have withdrawn from the common currency project; another has ceased to comply with a prerequisite for entering the monetary union. But the GCC is not the same as the GCC Monetary Union, nor should the success of the GCC be judged solely on the basis of how many member states end up participating in the single currency.
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Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 390.
Length: 24 pages
Date of creation: 22 Oct 2012
Date of revision:
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More information through EDIRC
monetary union; gulf cooperation council; regional cooperation; common market; common currency; single currency; euro area;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-27 (All new papers)
- NEP-ARA-2012-10-27 (MENA - Middle East & North Africa)
- NEP-MON-2012-10-27 (Monetary Economics)
- NEP-SEA-2012-10-27 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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IMF Working Papers
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- Raphael A. Espinoza & Oral Williams & Ananthakrishnan Prasad, 2010.
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IMF Working Papers
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