The International Monetary Fund has approved plans that will achieve monetary union for Middle Eastern countries by 2005 and the launch of a single currency by 2010[1]. The IMF's policy discussion paper states: "The general conclusion is that the benefits do not seem too large, but that neither do the costs"[2] The IMF has mapped out the steps that will be taken during the unification period to establish the single Gulf currency within the first decade of the new millennium[3].

The new currency will initially be limited to members of the Gulf Cooperation Council, which includes some of the most wealthy nations on earth. The GCC Gulf comprises Saudi Arabia - the world's most important source of oil, as well as Bahrain, Kuwait, Oman, Qatar, and United Arab Emirates. According to the IMF:

"The establishment of an economic and monetary union

will create an important regional entity that in 2001 had

an estimated combined GDP of about $335 billion, average

weighted per capita income in nominal terms of $12,708,

and 45 and 17 percent, respectively, of the world's oil and

natural gas reserves."[4]



During 2002, an extreme acceleration of the globalisation process has unified more nations than ever before. Ten new countries agreed to become member states of the European Union, and when Turkey joins the EU it will become the second largest member state, and the boundaries of European Union jurisdiction will include a substantial part of Asia as well as most of the European continent. The EU is no longer just a United States of Europe.

"It has been quite a year for the European Union.

It began with the euro becoming a common currency

across 12 member states and much of western Europe.

It should end with invitations being issued to 10

countries to join the 15 current members of the EU.

By any standards, 2002 will be a landmark."[5]

Also in 2002, seven new nations joined the American-led NATO military-political alliance.

"Nato leaders meeting in Prague have invited seven

more countries to join the alliance in what will be

the biggest expansion in its history."[6]



The early years of the new millennium will be dominated by the great institutions of world unity, United Nations, the United States of America, the United States of Europe, and the United States of the Gulf. When the unification process is complete, how many separate groups of unified nations will exist?

Does this latest round of international unification bring mankind closer toward the United States of the World?



[1] "'Limited gains' from Gulf single currency", BBC News, 2 January 2003. http://news.bbc.co.uk/1/hi/business/2622003.stm

[2] "On a Common Currency for the GCC Countries", IMF's Policy Discussion Paper No. 02/12, 2 December 2002. http://www.imf.org/external/pubs/cat/longres.cfm?sk=16166.0

[3] "Common Currency", IMF's Finance & Development magazine, December 2002, Vol. 39, No. 4. http://www.imf.org/external/pubs/ft/fandd/2002/12/fasano.htm

[4] "Common Currency", IMF's Finance & Development magazine, December 2002, Vol. 39, No. 4. http://www.imf.org/external/pubs/ft/fandd/2002/12/fasano.htm

[5] "EU poised for historic deal", BBC News, 13 December 2002. http://news.bbc.co.uk/1/hi/world/europe/2571435.stm

[6] "Nato embraces new members", BBC News, 21 November 2002. http://news.bbc.co.uk/1/hi/world/europe/2497245.stm



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