The Economic Community of West African States (ECOWAS) should adopt a two-track approach to the introduction of a common currency
, with countries that are ready being allowed to go ahead with implementation initially, former Nigerian President Olusegun Obasanjo has proposed.
The Euro: How a Common Currency
Threatens the Future of Europe.
Any common currency
to be announced is expected to be pegged either to the dollar or a basket of currencies because the volume of trade of the Gulf states with the countries of the European Union is much larger than that of their commerce with the United States.
Generally speaking, this theory discusses the prerequisites that make adopting a common currency
or mutually fixing exchange rates by two states advantageous for both parties.
In his view, the pressure on Greece in recent days is unprecedented and the only reason why the EU put pressure was because a lot of money and the common currency
are put at stake.
In a note, the bank said, 'Going ahead, the SNB has effectively acknowledged the inherent risk to the EUR with the ECB meeting next week, and this will likely exacerbate the bearish overtones attached to the common currency
Lithuania is the 19th EU member state to adopt the common currency
Besides, other economic areas in the world are proving that you can thrive without a common currency
The Presidents of the European Council, Herman Van Rompuy, and the European Commission, Jose Manuel Barroso, believe that Latvia's accession to the euro on 1 January is an expression of trust in the common currency
In September, an official of the European Central Bank (ECB) said that the GCC should not introduce a common currency
before its members have a clear common objective.
Media reports this week said that four of the six Gulf Cooperation Council (GCC) countries would announce the introduction of a common currency
by the end of December.
Quoting sources, a section of the Bahraini media reported that the common currency
is to be announced by the four Gulf Cooperation Council (GCC) countries and it will be pegged to the dollar.