KUWAIT CITY, May 24: The Eurozone crisis has indirectly affected discussions on the GCC unified monetary system, because “our surroundings usually influence us,” Minister of Finance Mustafa Al-Shamali told reporters at the Parliament Monday. According to Deputy Premier and Foreign Affairs Minister Sheikh Mohammad Al-Sabah, the Eurozone has prompted the GCC nations to “pause” for a moment and ponder on their monetary union plan. Speaking in Riyadh after a ministerial meeting, Sheikh Mohammad said there are a lot of lessons to be learnt and that it would be “irresponsible” on the part of GCC states to press ahead with their monetary union plan without studying the implications of the problems in Europe.

Commenting on Sheikh Mohammad’s statement, Al-Shamali clarified there will be no pause or suspension “unless an agreement in this regard is reached during the meeting.”  He added the Central Bank of Kuwait (CBK) will look into the impact of the Eurozone crisis on the GCC monetary union. Al-Shamali also discussed the proposed amendments to the Defaulter’s Fund in a meeting with the parliamentary Financial and Economic Affairs Committee, which approved a number of amendments, which include non-specification of a ceiling for the fund and not to deduct 50 percent from debtors’ salary.