Single currency plans still on track despite Omani and Saudi concerns

Gulf News ^ | 22/12/2006 | Staff Report

[hedgetrimmer]

Ras Al Khaimah: UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said yesterday that the first step towards a GCC single currency will be implemented by the current deadline of 2010.

He was on the sidelines of the fourth annual conference of the National Anti-Money Laundering Committee (NAMLC) being held at Hotel Al Hamra Fort in Ras Al Khaimah.

Recently, Oman has said recently that it would not abide by the deadline and Saudi Arabia's finance minister claimed GCC states may have to review the 2010 target date for introducing a single currency.

When asked if Oman would be brought back to the fold to meet the current deadline, Suwaidi said: "I think Oman was talking about the comprehensive monetary union which requires a GCC Central Bank and a single currency. But there are different scenarios and different choices. We have two simpler scenarios to be offered for discussions. I don't think they would see the simpler choice unreasonable".

Al Suwaidi insisted the six countries would be together on the issue, adding that a conclusion would be reached after discussions between members.

"The six GCC countries have an agreement to go all the way together and that they are capable of compromise," he added.

[hedgetrimmer]

The monetary union is a tool to create one country out of several. Are the Gulf states forming their own 'union'?

[hedgetrimmer]

May 1st - The creation of Great Britain

1707 The Acts of Union uniting England and Scotland under one Parliament and Crown came into effect...

...Monetary union and a customs union were created.

[hedgetrimmer]

Southern Africa: SADC Region's Free Trade Goals a Challenge

Since 2000, Sadc countries have been implementing a programme towards creating a Free Trade Area by 2008, a Customs Union by 2010, a Common Market by 2015 and a Monetary Union by 2018

As part of its implementation, Member States have been negotiating tariff reduction schedules, rules of origin, a dispute settlement mechanism, special product agreements, elimination of non tariff barriers and harmonisation of customs, trade documentation and clearance procedures.

[staytrue]

I think you are against nafta if I remember.

Everyone across the globe is trying to form localized free trade zones though.

[Jason_b]

"The monetary union is a tool to create one country out of several."

Yes, but what kind of country? More like an hostile takeover, a buyout, of several countries that are merged under the auspices of the entity that would be the issuing authority of the new money (debt).

[hedgetrimmer]

Just as co-joined countries are being created around the world, our government and educational institutions are planning the same for our country.

North American Monetary Union

Mexico has asked for the implementation of these policies as a condition of joining a monetary union with the United States.

• Greater mobility;
• Mechanisms to overcome the asymmetries of the three economies, such as development funds;
• Trilateral agencies or institutions to cope with common problems within a well-defined framework.

All three of these requests have been gifted to Mexico by our president and his 'free trade' policies.

[hedgetrimmer]

Implicit in what I have said, and certainly what I believe, is that for North American monetary and financial integration to be successful, it would have to involve an elimination of all barriers to labor migration. This is likely to be seen as an economic necessity and a political difficulty.

North American Monetary and Financial Integration: Notes on the US Perspective

"free trade" eliminates borders and destroys sovereignty. The Bush administration amnesty and unfettered illegal immigration are the result of "free trade" and the President's global agenda.

[hedgetrimmer]

Some research for you.

[Jason_b]

From Freedom To Fascism, Aaron Russo; in entirety --- 1 hr 50 min

Blog Pimpery

[hedgetrimmer]

The Case for the Amero: The Economics and Politics of a North American Monetary Union

When the United States joined other international organizations like the IMF, the World Bank, the World Trade Organization, and the North American Free Trade Agreement, the expected economic and political gains appeared to offset the surrender of some national sovereignty. In this tradition, the United States may well find it worthwhile to join the proposed monetary union.

[hedgetrimmer]

The Case for the Amero: What Is in It for the Americans?

If and when the tradable-goods sector in the United States should suffer from large-scale monetary and exchange-rate instability, interest in monetary union will surely increase.