In 2014, Bahrain, Kuwait, Qatar, and Saudi Arabia took major steps to ensure the creation of a single currency. Kuwait's finance minister said the four members are pushing ahead with the monetary union but said some technical points need to be cleared. He added, A common market and common central bank would also position the GCC as one entity that would have great influence on the international financial system. The implementation of a single currency and the creation of a central bank is overseen by the Monetary Council.