GCC common currency project
E67910
The GCC common currency project is a long-discussed but still unrealized initiative to create a shared monetary union and single currency among the member states of the Gulf Cooperation Council.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
economic integration initiative
→
proposed monetary union → |
| aimsTo |
create a single currency for GCC member states
→
establish a monetary union among GCC states → |
| alternativeLabel |
GCC monetary union
→
Gulf common currency → |
| basedOn |
oil-dependent economies
→
|
| challenges |
asymmetric economic structures among members
→
concerns over loss of monetary sovereignty → differences in fiscal policy frameworks → political disagreements among member states → |
| currencyType |
fiat currency
→
|
| debatedOn |
exchange rate regime
→
location of a common central bank → sovereignty over monetary policy → |
| economicBloc |
Gulf Cooperation Council
→
|
| focus |
macroeconomic stability in GCC
→
regional financial integration → |
| goal |
enhance economic integration among GCC states
→
facilitate intra-GCC trade → increase monetary policy coordination → reduce exchange rate risk within GCC → |
| inspiredBy |
European Economic and Monetary Union
→
|
| involves |
Bahrain
→
Kuwait → Oman → Qatar → Saudi Arabia → United Arab Emirates → |
| partOf |
GCC economic integration agenda
→
|
| proposedBy |
Gulf Cooperation Council
→
|
| proposedOutcome |
creation of a GCC central bank
→
replacement of national currencies in GCC → |
| region |
Arabian Peninsula
→
Persian Gulf → |
| relatedTo |
GCC Common Market
→
GCC Customs Union → |
| requires |
convergence criteria among member states
→
fiscal policy coordination → monetary policy coordination → |
| status |
under discussion
→
unrealized → |
| subjectOf |
academic research on monetary unions
→
regional economic policy discussions → |
| timeframe |
discussed in the 2000s
→
discussed since the 1990s → still not implemented in the 2020s → |
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Gulf Cooperation Council
→
|
hasCurrencyInitiative |