Monetary Union Among Member Countries of the Gulf Cooperation Council

Occasional Papers, August 29, 2003

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Monetary Union Among Member Countries of the Gulf Cooperation Council

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Bibliographic details

• Authors: Ugo Fasano-Filho, Andrea Schaechter
• Published: August 29, 2003
• Series: Occasional Papers
• DOI: https://doi.org/10.5089/9781589062191.084

Summary

• The six member countries of the Gulf Cooperation Council (GCC) are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
• The paper examines progress toward economic and financial integration with the aim of establishing an economic and monetary union.
• Time coverage of the detailed analysis: 1990-2002.
• The study draws on lessons from selected currency and monetary unions in Africa, Europe, and the Caribbean.
• Main objectives: assess potential costs and benefits of a common currency for GCC countries and review options for implementing a monetary union among these countries.

Major findings and analytical focus

• Detailed analysis of economic performance and policies of GCC countries during 1990-2002.
• Comparative lessons are drawn from experiences of currency and monetary unions in:
  • Africa
  • Europe
  • The Caribbean
• The paper assesses:
  • Potential costs of a common currency for GCC countries.
  • Potential benefits of a common currency for GCC countries.
  • Options for implementing a monetary union among GCC countries.

Policy options and implementation considerations

• Reviews alternative options for implementing a monetary union among GCC countries (options reviewed are described in the paper).
• Evaluates tradeoffs between costs and benefits of adopting a common currency for the GCC.
• Emphasizes lessons from prior monetary union experiences in other regions to inform GCC choices.