"This paper is translated from its Arabic original by the translation team of the Arab Center for Reasearch and Policy Studies"
Abstract
This paper addresses the potential benefits and challenges facing the Gulf Monetary Union project. It also tries to highlight the strategic gains from structural changes in monetary policy strategies in Gulf Cooperation Council (GCC) countries and incorporate them into gains and costs calculations. The paper also reveals the challenges in light of the forthcoming structural changes in the global economy (and the consequences, especially on the US economy and the state of the US currency), and then on the global political stage. These challenges are summarized in three main themes: political will and commitment, institutional sovereignty, and constituent technical requirements.
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* This paper is based on a lecture given at the "Assessment of the progress of the GCC at the summit in Kuwait" seminar at the General Secretariat of the GCC, in Riyadh, on March 6, 2010.
I extend my sincere thanks to Dr. Sayyid al-Samadisi for his valuable suggestions and ideas. I also thank Dr. Alex Antoniades for his useful ideas.
The views expressed in this paper are those of the author and do not necessarily reflect the position of Qatar Central Bank.
