BUNDESBANK president, Mr Hans Tietmeyer, recently expressed concerns over convergence for those to join a single European currency.

EU monetary officials and analysts say Mr Tietmeyer's comments on Monday exemplify the Bundesbank's long-held belief that economic and monetary union (EMU) would work best with countries which have a culture of stability rooted in society.

"It is a question of durability and sustainability," Mr Tietmeyer told a Bonn conference. "It is important in the selection (of EMU participants) that the member countries do not just reach the criteria through a breathless short-term effort."

Experts say his views, however, pose a problem, not only for countries such as Italy, Spain and Portugal, which are knocking harder and harder on EMU's door, but for those within Europe's political mainstream.

The dilemma is twofold. EMU is very much seen as a key step in advancing political integration across a broad array of areas. Such an objective argues for it to start with the largest possible number of states possible.

Too narrow a group could expose the 15-nation bloc to unforeseen and unwelcome political rifts as they struggle with tough issues such as enlargement and a common foreign policy.

But the risk of spreading the EMU net as wide as possible, is precisely the one Mr Tietmeyer refers to a perception, particularly in the financial markets, of a project cobbled together for largely political motives.

Such views could undermine the all important credibility EMU needs if it is to ultimately succeed.

Mr Tietmeyer's position is clearly at odds with those in Bonn and no one quite knows how the two will be reconciled, say analysts. One option might be to give countries like Italy a clear and definitive timetable on when they might join EMU so as to minimise the political fallout