GCC seeks EU help in monetary union

SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the monetary union.

After two days of talks in Riyadh this week, the central bank governors in the six-nation group said they had asked the EU Central Bank to draw up a study which will constitute as guidelines for what could be the world's second