BREAKING NEWS (UPDATE): Gulf states move toward single currency and creation of central bank in face of Wall Street meltdown
September 19th, 2008 Posted in MarketsGulf ministers approved a draft for monetary union and creation of a central bank at a meeting in Jeddah on Wednesday. The plan is seen as a concerted effort to calm regional markets while declaring a measure of independence from the hyper U.S. business cycle. Qatar’s Minister of Finance and Economy reportedly argued that without monetary union, “future storms may be more difficult to deal with.” After Wednesday’s meeting in Jeddah, can depegging from the U.S. dollar be far behind? For more, see article in Financial Times.
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