GCC Currency, Myth or Reality?

I've always wanted to talk about this issue.. and I keep bringing it up whenever I get the chance to. I was talking to my cousin today about the economy and what's going to happen in the following years in the region, and I was amazed that I did not elaborate on the GCC common currency which is due in 2010.. Now since all GCC countries are committed to issue it, and most people think that it is going to be the 2nd most important currency union in the world.. but that is too optimistic for all of us here in the GCC. I've always thought that the currency would not be pegged to the dollar, which might strengthen or weaken it depends on how you look at it, but I was shocked when I heard that the currency is going to be pegged to the dollar? So the main reason of forming this currency is for inter-region trade?! Well, so sad.. but looking at it from the other point of view.. the region is not yet stable enough to hold one currency, looking at the differences in the economic policies of the countries.. one should think that the best way is if we had full economic coordination between the countries.. but isn't that far fetched? they're working on it, yeah, but will they ever reach a mutual ground? if the fact that one country proposed to be the host of the GCC Central bank before they reach that point in discussion made alot of countries furious to what might this lead to, everyone is racing for a piece of the pie.. but really, should we be thinking like this? if we are working on a unified region, a one body, why would someone try to skip some steps and propose something that they know that the others might be more rightful to? Seriously, if they were to create this currency, someone should propose that it should not be pegged to any currency making it float.. you're right if you think that the region is not stable enough and full economic integration will still need alot of work and time, but what's the economical benefit of forming such a currency if the region that controls 45% of the world's known oil reserves won't have power on it's own policies? and ofcourse that will all flaunt when the dollar shows negative performance therefore reflecting on the GCC currency which WOULD NOT and I repeat WOULD NOT be affected by such thing if it wasn't pegged to the dollar in the first place but rather let the market determine the value of the currency by letting it float. Prices of oil are soaring, reaching over $68 dollars today.. and is expected to reach over $100 in 2010 by the time the currency is in circulation based on some speculations, but what benefit would it give to the region? just renaming the dollar to GCC Currency? that's it? more trade between GCC countries....? is that all we're looking for? what benefit would it make? All GCC currencies are now pegged to the dollar after Kuwait pegged it's currency to the dollar recently which I see as a sacrifice made by the Central Bank of Kuwait to benefit the Whole GCC. So a unified currency pegged to the dollar will only benefit the intra-trade between memeber countries, and it won't change much with the world outside! and the fact that it's going to be the 2nd most important currency union is not true? unlike the Euro which is not pegged to the dollar which I admit they have alot of problems to solve which proved that it wasn't the right time for implementation.. but why would it be the right time to implement a GCC currency!? I have a great sense of patriotism to the whole GCC.. I was born the year the GCC was formed and I lived all my life loving everything about it.. but it's about time they do something... so do it right! please.