MANAMA, 24 November 2004 — A top banking official said that technical committees in the Gulf countries are currently studying the criteria for monetary and financial convergence and the legislative and institutional frameworks and arrangements for the monetary union.
“They are also reviewing alternative feasible models for monetary union in order to choose the best and most suited from them to the case of the GCC countries and their economies,” said the governor of the Bahrain Monetary Agency, Shaikh Ahmed ibn Mohamed Al-Khalifa.
He was speaking yesterday during the opening of the Gulf Cooperation Council 2010: From Competition to Cooperation” Conference held in Manama.
“We are looking forward to see the recommendations of the conference which we trust will complement the work of the technical committees,” he said.
The conference is organized by the Bahrain Economic Society.
“This is timely organized at a time where the concerned authorities in the Gulf countries are fully engaged in consultation and discussions over the arrangements leading to the achievement of the monetary union, and the single monetary authority and currency in the GCC countries by the year 2010.”
“We are looking forward to benefit from the working papers which the speakers will present during this specialized conference.”
“The selection of speakers ranging from experts and representatives of leading organizations such as the International Monetary Fund, the European Central Bank and the many other specialized organizations and institutions will no doubt enrich the discussions over the issues to be placed for deliberation during the coming days.”
“The designation of separate sessions for the discussion of the impact of monetary union and the creation of a single currency on the Capital Markets, labor force, investments, economic stability and growth, and the review of the international experiments is a source of enrichment for the discussions. One of the good arrangements which constitute other enriching factor to the discussions is the presence of Gulf and international experts in this conference.”