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EU single currency before meeting economic criteria slated
LONDON, Feb 6: The governor of Britain's central bank said Monday that adoption of a single European currency before the economic .criteria are met could cause serious political tensions in Europe, reports AP.
"What's'really important is that the economic conditions should be right before people move ahead and that's actually more important than the calendar in my view." Eddie George. Governor of the Bank of England, said in a BBC TV interview.
George insisted there was no guarantee — despite assurances from Brussels — that the EU would meet its 1999 target date, but said there was real determination among central banks to push ahead with the project.
What is really important is that we do all continue to drive towards establishing permanent stability within our countries." he said.
Asked if he thought there would be a single currency by the end of the century, he said. T don't think anybody can say that at this stage.'
Accepting a softening of the economic criteria would be risky, he said.
"There are genuine risks that it could prove to be di-vUlve and actually lead to a loss of coherence rather than to strengthen Europe as a cooperative entity,” he said.
The political advantages
would be very considerable if the economic conditions were right. But I think simply to insist upon political advantage and to take a risk with the economics could risk actually producing political dissension within Europe and achieve quite the wrong result.
Prime Minister John Major has cast serious doubt on the 1999 date and believes it would be a mistake to bring in a single currency without thinking through the consequences for countries left outside
Under terms of the Maastricht treaty on European unity, the 15 EU members must meet convergence criteria — including reducing their budget deficit to 3 per cent of gross domestic product — by Jan 1. 1998. Today, only Luxembourg would qualify to take part in the single currency called for in the treaty.
France and Germany, the driving forces behind the single currency plan, face bleak economic results and many believe the EU will have to choose between creating jobs or creating a single currency.
But a week ago. despite grim economic forecasts, nigh unemployment and increasing criticism. European Union nations vowed to stick to the 1999 deadline for setting up the single currency.