After the Gulf Monetary Council (GMCO) concluded its 11th session, Al-Jasser told a press conference that the monetary union was steadfast in its approach to launching a unified Gulf currency.
Today’s session maintained discussions on a number of aspects pertaining to the emerging monetary union, its internal bodies and their functions and past achievements on the regional level, he said.
On the GMCO’s position at the current stage, whereby the US credit rating has dropped and a debt crisis affects a number of countries in the European Union, he noted that the GMCO cannot discuss international economic policies at this time, as the GMCO has yet to formally exist.
Discussing this issue is currently the task of each of the monetary bodies of the Gulf Cooperation Council’s six states – Kuwait, Saudi Arabia, the UAE, Qatar, Bahrain and Oman, he stressed, describing their economies as "exceptional".
The EU debt crisis does not seldomly affect the GMCO, but other monetary authorities as well, he emphasised.
He also denied there being any obstacles to the formation of the Gulf-state monetary union.
