GCC needs monetary policy independence

This Article was Published in Gulf News, Arab Times, Akhbar Al Khaleej and Alqabas Typically, the topics in the business section of a newspaper in the GCC will almost always focus on issues such as the budget, deficits, subsidies, investment, etc. Meanwhile, a publication in the United States will dedicate more time towards speculating on the Fed’s imminent actions. Global financial markets gyrate to every move made by the Fed and hence are constantly trying to guess what its next one is likely to be. The GCC spends most of its time on fiscal issues since it has effectively outsourced its monetary policy responsibilities to the US Federal Reserve and therefore they are compelled to mirror

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