[eXpat]

$this->bbcode_second_pass_quote('', 'L')ONDON (MarketWatch) -- The United Arab Emirates has withdrawn from a planned monetary union with other oil-producing states and will continue to peg its currency to the U.S. dollar according to a state news agency report. The UAE had expressed reservations about the union earlier this month after plans were announced to locate the Gulf Cooperation Council's central bank in Saudi Arabia. The UAE will continue to maintain an expansionary monetary policy, according to the report published by WAM, the emirates news agency

[Schmuto]

I'm sure that U.S. secret operations had nothing to do with this.

[Scactha]

To many secret agent movies you have seen...

ME is a school yard of conflicting opinions and with predictable results. Have you seen any coeherent opinion and action on the should-really-be-simple-to-rally-behind Palestinian cause by these fellows? This topic is far beyond that.

[Schmuto]

$this->bbcode_second_pass_quote('Scactha', 'T')o many secret agent movies you have seen...

ME is a school yard of conflicting opinions and with predictable results. Have you seen any coeherent opinion and action on the should-really-be-simple-to-rally-behind Palestinian cause by these fellows? This topic is far beyond that.

[eXpat]

Well, the rest of the nations in the region are still going ahead, and they have the blessing of the IMF...
Plans for Gulf monetary union on track
$this->bbcode_second_pass_quote('', 'D')ubai: The Gulf states are moving ahead with plans for Gulf monetary union as the final draft has been approved, according to an economist at Dubai International Financial Centre (DIFC).

The Central Bank governors of five Gulf States are still deliberating on the timeline after a meeting in Jeddah on Tuesday but Fabio Scacciavillani, economist at DIFC believes that they will meet the Monetary Union January 2010 deadline.

"In the last two to three months, the mood has switched dramatically to a state of readiness and they are on track to meet the deadline," Scacciavillani said, adding that over the past few days, "there has been a determined effort to get this project to full completion in the shortest possible time."
...
The International Monetary Fund (IMF) has encouraged the de-pegging of the greenback from Gulf Cooperation Council (GCC) currencies and the adjustment exchange rates. The say the move would help bring down inflation.

Speculation is that the GCC's European Union-type single currency would be pegged to a basket of currencies instead, according to Nasser Saidi, chief economist, DIFC Authority and one of the authors of the report. Economists are saying that the GCC single currency would be one of the major global currencies and could be a reserve currency
...
The body, Gulf Central Bank, would be a "supranational institution", with permanent staff, an appointed president and an executive board, which together with the national governors would form a monetary policy council responsible for the setting of monetary policy instruments and taking decisions in all the main areas of monetary policy, the report suggests.

The creation of a new bank with its own staff and executive board, "would strengthen the authority and sustainability of the institutional arrangement and create an organisation that is an effective counterpart of the other major international central banks and financial markets.