Sceptical On Monetary Union Statements

September 2008 | Political Risk Alert

The approval of a draft agreement on the charter governing the Gulf monetary union council by five ministers this week is broadly positive in terms of regional cooperation, but does little to change our view that the project will not go ahead in 2010. This is in spite of Qatari Minister of Finance and Economy Youssef Kamal's belief that the current US-led financial crisis underscores the need to move forward with the single currency, in order to deal with 'future storms' - hinting at the possibility of economic overheating.

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