The Road Towards Gulf Monetary Union

The launch of the Gulf Monetary Union and the introduction of a single currency in the region would create one of the most important monetary unions in the world. In the past preparatory work for Gulf Monetary Union has already been embarked upon under the aegis of the committee of Governors of the Central Banks of the Member States of the GCC and its successor the Gulf Monetary Council. The publication focuses on the legal roadmap towards achieving a smooth functioning monetary union. The research is mainly based on the analysis of the economic conditions and the legal and institutional framework of the GMU - as expanded with the Monetary Union Agreement including the Statute of the Monetary Council - against the benchmark of experiences in the European Union. It concludes with some recommendations in a number of identified critical areas.