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two absolute monarchies (Saudi Arabia and Oman), and one federal monarchy (the United Arab Emirates, which is composed of six member states, each of which is an absolute monarchy with its own emir).
There have been discussions regarding the future membership of Jordan, Morocco, and Yemen.
The logo of the GCC consists of two concentric circles.
On the upper part of the larger circle, the Bismillah phrase is written in Arabic, which means "In the name of god", and on the lower part the Council's full name, in Arabic.
The implementation of a single currency and the creation of a central bank is overseen by the Monetary Council.
There is currently a degree to which a nominal GCC single currency already exists.
If realised, the GCC monetary union would be the second largest supranational monetary union in the world, measured by GDP of the common-currency area.
This area has some of the fastest growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues.
In 2001, the Supreme Council set the following goals: Oman announced in December 2006 it would not be able to meet the 2010 target date for a common currency.
On the edge of the hexagon are colors representing the flags of the six member countries.
A common market was launched on 1 January 2008 with plans to realise a fully integrated single market. However, implementation lagged behind after the 2009 financial crisis.
A 2011 proposal to transform the GCC into a "Gulf Union" with tighter economic, political and military coordination has been advanced by Saudi Arabia, a move meant to counterbalance the Iranian influence in the region.) Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The unified economic agreement between the countries of the Gulf Cooperation Council was signed on 11 November 1981 in Abu Dhabi.
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Kuwait's finance minister said the four members are pushing ahead with the monetary union but said some “technical points” need to be cleared.