GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
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GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said Thursday that the outcomes and recommendations of the latest meeting of the Committee of Governors of Central Banks would help enhance financial and economic integration among GCC countries.

His remarks came during the 83rd meeting of the Committee of Governors of Central Banks of the GCC countries held in Doha.

The meeting was chaired by the Governor of the Central Bank of Qatar and current session chairman Shaikh Bandar bin Mohammed bin Saoud Al Thani.

In his statement, Albudaiwi expressed gratitude to Qatari Emir and the President of the Supreme Council in its current session, Sheikh Tamim bin Hamad Al Thani, for Qatar's sincere efforts and diligent work to strengthen the GCC's unity.

He also praised the committee's valuable efforts to enhance cooperation and economic integration among the GCC countries, particularly in the monetary and banking fields. Albudaiwi cited achievements such as the adoption of guiding standards in banking and financial supervision, coordination in combating money laundering and terrorist financing, and the facilitation of financial transactions among GCC countries through advanced technological systems.

Albudaiwi added that the committee's decisions and recommendations on the meeting agenda would promote economic unity among the GCC countries in all monetary matters and drive them forward in this field.



Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
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Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)

The likely implementation of tariffs imposed by the United States on April 2 means Europe will have to take better control of its future, European Central Bank (ECB) head Christine Lagarde said on Monday.

"I've tried to describe this as a moment for our Europe... and I see it as the start of a march towards independence," Lagarde said in an interview on France Inter radio

"He calls it Liberation Day in the United States. I see it as a moment when we must together decide to take better control of our destiny, and I think it's a step towards independence."

Trump is set to announce a comprehensive tariff proposal on what he's called "Liberation Day" this Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China.

"He's someone who always takes a transactional approach. He applies this kind of principle, which is more in the realm of business, to the management of international relations," Lagarde said.

The ECB President reaffirmed her estimate of a decrease of about 0.3 percentage points for Europe in the first year of tariffs on US imports from Europe.

She added that if Europe responds with reciprocal measures, growth will be even lower, down 0.5 percentage points.