| A single currency for the Gulf countries has long been recognized as a logical development to boost economic development and interstate trade. Since it was agreed upon in 2008, dates for its introduction have come and gone. However, as the problems of the European Monetary Union have demonstrated so clearly, it is absolutely essential that a single currency be built upon solid and entirely workable terms. The euro’s troubles stem in large part from the fact that it was driven by political considerations, by enthusiasts for greater and faster political integration.
The legal framework of the euro lacked some key economic and financial realities. Two of the most crucial were the incredible failure to appreciate the dangers inherent in the cost of money being the same across 23 countries with starkly different levels of economic performance...............................................Full Article: Source
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