UAE says GCC trying to simplify plans

The governor of the Central Bank of the UAE, Sultan bin Nasser Al Suwaidi, on Sunday 17 December tried to play down rumours of cracks in plans for the proposed GCC monetary union by 2010.

"The ECB, a GCC ministerial body, was too optimistic in its recommendations, when it floated the idea of comprehensive monetary union which means everything is unified," he told reporters in the capital.

"Now we see things did not work, so we will go for a simpler version of the Union," Al Suwaidi said.

Al Suwa

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