The International Monetary Fund (IMF) has offered help to GCC countries forward their monetary union plan, expected to be implemented by 2010. The Washington-based group has proposed the creation of a similar body to that of the European Union’s Eurostat office to help in the process.
The Luxembourg-based Eurostat is the official statistical office of the EU.
The IMF said it was optimistic about the GCC unification project, but warned that such an endeavor would not be easy, and would require political consensus along with strong, committed by GCC members.
"As experience has shown, a successful monetary union depends on the ability to build political consensus on critical policy issues and rules, and on the development of effective institutions," an IMF statement said, according to <i>WAM</i>.
"It is indeed a good step that the governors of the GCC central banks and monetary agencies have agreed on the convergence criteria to be met by the GCC countries by end-2007 and that all members are already in compliance with these criteria,’ it said.
In order to assist in implementation of the project, the IMF recommended, enhanced internal surveillance, a common fiscal accounting framework, as well common standards of data are essential.
"For this purpose, creating an institution, perhaps along the lines of Eurostat in the European Union, will provide the GCC authorities with high-quality statistical information," the IMF said.
