The article analyses recent tendencies in the monetary system with an emphasis on events taking place in the Gulf Cooperation Council (GCC) member states. The importance of these countries goes far beyond oil deliveries as their surpluses stemming from oil export have become a key pillar in financing the US current account deficit. As these plans are under preparation, different proposals regarding the exchange rate regime are discussed. Countries that would be most interested in GCC plans are other oil producers and members of OPEC in particular. They share the same goals and are considering alternative solutions for both oil invoicing and currency portfolio of their surpluses. Therefore, questions are raised about the ability of the new money to become the currency for both invoicing and investing for these states.

Keywords: currency union, oil prices, international monetary system.

  Karin Kneissl, Paweł Kowalewski, Recent Tendencies in the International Monetary System and their Impact on Oil Producing Countries (with Emphasis on the Gulf Cooperation Council Member States) - plik pdf; (354 KB)