Reports claim that, Kuwait's Foreign Minister has urged the Gulf Arab countries to learn the lessons from the Euro zone problems.

Since the Gulf Arab countries planning a monetary union, thus in the wake of the developments the Minister advices the countries to observe the euro zone troubles and at the same time give fiscal policies equal importance in the process.

The Foreign Minister, Mohammad Sabah al-Salem al-Sabah said that, "There are a lot of lessons to be drawn from the euro zone problems. We should pause a little bit and try to learn from what happened with the European monetary union. It would be irresponsible to proceed business as usual without minding or... (learning) from the euro problem".

Reports claim that besides Kuwait that currently holds the GCC's rotating presidency, others in the block are Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

According to the sources, Oman and the United Arab Emirates had recommended a monetary union scheme which would launch a single currency, was initially planned to start before the end of 2010.

Sabah further added that they wanted to launch the scheme at the right time and with the right format. He also said that serious consideration should be given to the fiscal and monetary policies. According to him, the harmonisation of the budgetary policies was the key.

He emphasized that pause does not necessarily mean a delay.