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The creation of a monetary union has been the primary objective of the Gulf Cooperation Council (GCC) members since the early 1980s. Significant progress has already been made in regional economic integration: The GCC countries have unrestricted intraregional mobility of goods, labor, and capital; regulation of the banking sectors is being harmonized; and in 2008 the countries established a common market. Further, most of the convergence criteria for entry into the monetary union have already been achieved. In establishing a monetary union, however, the GCC countries must decide on the exchange rate regime for the single currency.
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