Single Currency in the Gulf?

The Gulf Cooperation Council (GCC), an alliance between nations around the Persian Gulf, talks of having a single currency for the region. Criteria for admission has yet to be decided on before plans can be ratified. The criteria being discussed are similiar to the criteria for the Euro, such as certain levels of inflation, government deficit, interest rates, and foreign currency reservces. Large decisions still have to be made before major changes happen such as where the central bank will be, but the goal is to have a monetary union by 2010.

More information:
Peninsula Article
Another Peninsula Article
Arab Online Article