GCC asks ECB for advice on setting up single currency

At a meeting of its bankers in Riyadh this week, the six member states of the Arab Gulf Cooperation Council vowed to press ahead with plans for monetary union and the launch of a single currency, and resolved to seek the help of the European Central Bank. 
Dr Henry Azzam, chief economist at Jordan Investment Trust Group, said that monetary union should be relatively easy to achieve in the Gulf since all six currencies are already at least partially pegged to the dollar.”It’s a political rather than an economic decision,” he told the BBC. Dr Azzam told the BBC. “All it needs is for someone at a very senior level in Saudi Arabia to take the decision to push forward,” he said.

Source: bbc