GCC plans economic coordination monetary fund

The Gulf Cooperation Council (GCC) is considering creating a monetary fund to coordinate economic and fiscal policies between member states and ensure the success of the planned monetary union, it was reported on Friday 19 March.

According to the English daily Gulf News on Friday the six member states, which have agreed to set up an EU-style monetary union in 2010, are also expected to issue a common currency called "Gulf dinar" to replace their national currencies, reported the newspaper.