The Gulf Cooperation Council (GCC) is in the process of two massive steps towards economic integration: the establishment of a single market and the launching of a monetary union. By historical standards, the GCC is late to the game. This presents the GCC with an incredible opportunity to benefit from decades of scholarship. In this study, I will begin by examining the theoretical arguments about the benefits of single markets and monetary unions. I will proceed to analyze the most recent exponent of these two projects, the European Union (EU). Finally, I will combine the theory and practice of single markets and monetary unions to derive recommendations for the GCC and to comment about the GCC’s current prospects.