On Wednesday, finance chiefs of five of the six-member, oil-rich Gulf Cooperation Council approved a proposal to create a monetary union as a move toward adopting a single currency, according to the AFP.
The six Islamic states constituting the Gulf Cooperation Council are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Oman pulled out of the agreement last year.
Five states in the compact have agreed to set 2010 as the target date for the creation of a monetary union and the adoption of common currency.
The emergence of an Islamic single currency among these oil-rich Middle Eastern countries marks a significant step in the emerging worldwide movement to abandon national currencies in favor of regional currencies, along the model where the EU states have abandoned their national currencies in favor of the European Central Bank and the euro.
In 2002, the finance ministers of the Gulf Cooperation Council states sought out the assistance of the European Central Bank, as the model for their single currency, according to BBC reports.
The council was created in 1981 to promote the development of the member countries.
The monetary union will entail the creation of a central bank to issue the single currency.
At the Wednesday meeting in the Saudi Red Sea city of Jeddah, the finance and economy ministers reviewed the European Union's response to the council's view on eliminating obstacles that have blocked a long-stalled free trade agreement with the EU.
Progress was also made on key convergence factors required to underpin the common currency, including setting the ratio of budget deficit and public debt to the gross domestic product, target interest rates and reserve requirements. Progress yet remains in reaching a consensus on inflation, the last remaining stumbling block to creating the common currency.
International Monetary Fund Chief Dominique Strauss-Kahn, who met with the Gulf Cooperation Council finance ministers in Jeddah, hailed the move by the Gulf states toward economic integration, though he continued to express doubts the single currency would be adopted within two years.
"Achieving monetary union by 2010 will be a major challenge, as much remains to be done to enable the creation of a single currency within two years," Straus-Kahn. "Overcoming the current inflationary pressures, developing a clear vision of the powers of the future common central bank, choosing an exchange regime of the common currency, and harmonizing financial regulations and structures will be critical in this process."
One factor easing the transition toward a single currency is that the six Gulf Cooperation Council member states all currently peg their currencies to the U.S. dollar.
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lol
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Possible Solution to the madness...
thevenusproject.com
thezeitgeistmovement.com
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Greed Of the Goverment and their bed Partners THE BANKING SYSTEM
WE THE PEOPLE MAKE THE RULES , REMEMBER THE CONSTITUTION ?????
TELL THE GOVERNMENT THAT THEIR SALERIES WILL BE CUT TO 1/3 WHAT THEY CURRENTLY MAKE AND THEIR HEATHCARE IS NOW WHAT THEY HAVE LEFT THE REST OF AMERICA
NOTHING ( NO HEALTH INSURANCE ) . WE DO NOT WANT TO PAY FOR IT ANYMORE . WEED OUT THE GOVERNMENT GET RID OF THE PERVERSE SPENDING.
DEMAND THAT THE PROFITS THAT THE GOVERNMENT MAKES FROM THE INTEREST OF THE
OF THE " UNCONSTITUTIONAL BAILOUT " GOES IMMEDIATELY INTO SOCIAL SECURITY TO FIX THAT RIP -OFF SCAM. DEMAND THAT THE GOVERNMENT IS NOT ALLOWED TO TAKE MONEY FUNDS SET ASIDE FOR ONE FUND AND USE IT TO PAY FOR ANOTHER FUND, AND THEN CLAIM THEY HAVE NO MONEY FOR EITHER FUND. THAT IS HOW THE SOCIAL SECURITY PROBLEM STARTED IN THE FIRST PLACE . MAKE THIS ILLEGAL !!!!!!!!!!! AND PUT THESE BANKER AND GOVERNMENT OFFICALS IN PRISON WHEN THEY RIP US OFF !!!!!!
REVOKE WORK VISA'S, THE AMERICANS NEED THE JOBS, WHY ARE WE OFFING JOBS TO NON - AMERICAN CITIZENS WHEN MILLIONS OF AMERICANS ARE OUT OF WORK, THIS IS CRAZY ????
SO PLEASE CALL YOU LEGISLATION AND TELL THEM " WE THE PEOPLE ARE TIRED OF BEING ROBBED , RIPPED OFF, LIED TO , BANKERS YOU ARE THE SCUM OF THE EARTH , YOU ARE GREEDY , FILTHY , SELFISH , WHORES . YOU ARE RESPONSIBLE FOR ALL THAT IS GOING ON RIGHT NOW , AND THE GOVERNMENT IS JUST AS GUILTY, BECAUSE THEY ARE YOUR BED BUDDY.
ARE THE BANKERS AND POLITICIANS , THAT STUPID THAT THEY DO NOT REALISE THAT THIS IS GOING TO LEAD TO WW III . WAKE UP !!!!!!!!!!!!!!!!!!!!!!!!
Now you want one World Currency !!!!!!!!!!! That is called a MONOPOLY and that is ILLEGAL !!!!!
And i would love to put you GREDDY BANKERS and CRUPT POLITIANS , Once Convicted by a Jury of Your Peers BEHIND BARS FOR THE REST OF YOUR LIFE !!!!!!!!!!!!!!!!!!!!! YES YOU ARE COMMITING CRIMES AND THE WORST KIND . CRIMES AGAINST HUMMANITY.
IiM JUST ABSOLUTELY DISCUSTED
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Stop the scam of credit/debt based monetary systems. That is the cancer killing the world.
They must be stopped at all costs.
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