Plans for a common currency in the Gulf are being put on hold while leaders study the development of the euro crisis. As the Euro, the common currency for most members of the European Union, is being traded at record low levels against the dollar, leaders of the Gulf Cooperation Council, which includes Kuwait, Qatar, Bahrain, Oman, Saudi Arabia and the United Arab Emirates, are having seconds thoughts about the proposal for a common currency. Kuwait Foreign Minister Sheikh Mohammad Al-Sabah was quoted in local media as saying that it would be irresponsible of the Gulf Cooperation Council to push ahead without studying the implications of the problems in Europe. The treaty for the common Gulf currency was originally signed in 2001 and given a 10-year deadline for its implementation, a date that has been postponed several times. Since then, both Oman and the UAE have dropped out. While the effect caused by Oman’s decision to leave was minimal, the loss of the UAE dealt a major blow to the common currency plans.
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