Monetary union on schedule for GCC states

UNITED ARAB EMIRATES - Gulf Cooperation Council (GCC) states are pushing ahead with an historic agreement to create an EU-style monetary union reports Gulf News. Officials said this week they are hopeful the project will materialise on schedule in 2010 despite the existing gap in monetary and fiscal policies.

"The GCC countries have gone a long way in coordinating their monetary and financial policies," said Sultan Al Suwaidi, UAE Central Bank governor.

"We are implementing all relevant decisio