In the midst of current global economic developments, an European Union senior official has moved for the participation of Saudi Arabia in the expanded Group of Eight meetings. Professor Otmar Issing, a member of the Executive Board of the European Central Bank (ECB) said its high time that GCC (Gulf Cooperation Council) weight in the world's economy be considered, by including Saudi Arabia in the group's meetings as an observer country. “An important group like GCC should not be ignored for its surpluses, economic and strategic weight,” he noted. He said G8 will witness an expansion to include Brazil, India, China, South Africa, and Mexico. European ministers of finance and economy are awaiting the results of the coming GCC meeting of finance ministers and heads of central banks, which is held on Saturday (today) in Riyadh. Issing, who was selected to head the German government's special finance committee, further said the ministers of finance and economy in Europe are observing “what is happening in the Gulf” and are awaiting the results of the Riyadh meeting. “GCC suggestions of establishing a Gulf Central Bank and the preparations to issue a unified currency place the region in an important strategic and financial position. We in the European Union seek the signing of a free-trade agreement with the GCC countries as soon as possible, after which, more European-Gulf mechanisms will be there for more cooperation,” he said. He added that establishing a GCC central bank will support cooperation with the EU Central Bank, noting the future needs coordination of unified financial institutions. Gunter Verheugen, vice president of the European Commission for Enterprise and Industry, told Okaz that Gulf countries' following up the repercussions of the global crisis indicates their credibility as a financial group. “We seek eliminating all obstacles to sign a free trade agreement with the GCC,” he said, expecting the agreement to be signed in the next two months. The European Commission announced a EU summit to be held in Brussels on Nov. 7 to discuss the financial crisis and the union's future strategy. - Okaz __
