GCC ratifies FX union criteria

GCC leaders have endorsed criteria for a European-style monetary union in the Gulf region and agreed to forge a common policy on negotiating trade agreements.

But they did not announce any decision on how and when the six GCC states would start moving toward a single currency.

"The leaders endorsed the monetary and financial criteria (that will lead to) the success of monetary union," a summit statement said.

The statement made no mention of the shape or location of a Gulf central bank or the dr