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The Future Prospects for Development of The GCC Countries
 Tóthová, Barbora ; Čajka, Radek (advisor) ; Černá, Iveta (referee)
This work was created with the intent to analyze the role of the GCC in the global economy and to outline the problems and challenges of the GCC countries in the future. The paper describes the region's greatest challenge, the establishment of the GCC monetary union. It specifically discusses the level of preparedness of Member States to create a monetary union, the exchange rate regime of the single currency and its institutional framework. After the analysis, we consider that the most fundamental in the future of the GCC countries is reducing their dependence on income from oil exports and economic diversification. As for the monetary union, GCC countries achieved a high degree of convergence, and therefore are considered prepared to establish a monetary union. After a brief characterization of possible exchange rate regimes in the region, we assume that the best option for a common currency would be the dollar peg. There will be created a central bank as the institution which will add credibility and stability to monetary union, whose primary functions are described in the Monetary Union Agreement from 2008.
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