Hi, I need help with essay on Central Banks: A Global Perspective. Paper must be at least 2000 words. Please, no plagiarized work!This can be partially attributed to the fact that their culture has no

Hi, I need help with essay on Central Banks: A Global Perspective. Paper must be at least 2000 words. Please, no plagiarized work!

This can be partially attributed to the fact that their culture has not been much into using the banking services for their financial needs. The size of the banking sector in the Persian Gulf is relatively small but with the increased exploitation of natural resources such as oil and petroleum products and exporting these items to other parts of the world has significantly increased money in circulation among the United Arab Emirate states. Consequently, the financial capacity and economic potential is significantly higher than that in EU (Frederic & Stanley, 2011).

In the recent past, the assets of the GCC banking sector has experienced a remarkable growth at a very fast rate that was later curtailed by the emergence of the global financial crisis. The crisis halted asset accumulation and steady growth but was not largely affected as was the case with the European Union and United States. After the crisis, GCC experienced a much faster recovery than other unions and got back on track to financial soundness. Since the recovery, countries that are member states of GCC have since experienced a significant positive impact to their respective economies. Despite being at different levels of economic development, the states have been able to establish a common objective on monetary policies, a move that has resulted in financial integration, leading to high profitability (Malcolm, 2010). For the union or banking sector to achieve its ultimate objective, it is important that the governing regulations converge at some point. With such an organized corporate structure, management of the joint banking sector becomes attainable and a successful ventures (Malcolm, 2010).

After the economic recovery, assets in the banking sector within member states have progressively and sustainably increased over the years with effective policy management. However, the level of development still varies