Crisis should not derail monetary union

The governor of the central bank of Bahrain said moves to establish a Gulf monetary union should not be delayed by the financial crisis. "We hope all efforts are made to implement the monetary union, given the financial crisis, and underline the importance of the monetary union for the GCC, since it represents economic integration and economic diversification for the region," Rasheed al Maraj said today at the GCC Banking Conference in Manama. "We believe the monetary union is very important to our future."

In December, GCC heads of state met in Muscat to discuss the union, and reiterated their commitment to establishing a common currency by Jan 1 2010, despite rising doubts among analysts that the deadline is still feasible. "The current situation of the GCC countries economies prompts us to work quickly to issue the unified currency," said Nasser al Kaud, the deputy of the assistant secretariat general for economics affairs at the GCC.

Mr al Kaud said there are several technical committees working to overcome any logistical challenges that could stand in the way of establishing a monetary union. "The countries of the GCC have paid special attention to dealing with this crisis and limiting its impact," Mr al Kaud said. "The central bank governors have been instructed to increase their consultations and to take the necessary measures to strengthen and bolster the economy of the GCC, against this crisis, and to continue to with spending's and allocations to improve economic growth."

tpantin@thenational.ae

It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”