The six-member Gulf Cooperation Council (GCC) plans to launch a Gulf Monetary Union and single currency in 2010. Which of the following statements are correct? I.          Qatar and Bahrain are the two countries in GCC that have declined to join the proposed Monetary Union II.         UAE, Oman, Kuwait and Saudi Arabia are the four GCC member countries who will form the proposed Monetary Union III.        Saudi Arabia's capital Riyadh will be the location of the central bank of the Monetary Union

Kuwait, Saudi Arabia. Qatar and Bahrain signed an accord in June 2009 to create a joint monetary union council as a prelude to a Gulf central bank. The six-member Gulf Cooperation Council (GCC) agreed in 2001 to create a European Union-style shared currency which would help them integrate their economies and pursue a monetary policy independent of the US. Oman pulled out of the project in 2007 and the UAE withdrew earlier this year after the Saudi capital Riyadh was selected as the location for the future central bank.