LEADING German economist Mr Herbert Hax said in an Italian radio interview yesterday that the start of European economic and monetary union should be delayed by a year and that Germany would probably not meet entry criteria.

Mr Hax, chairman of the council of advisers known as the "five wise men", said it was necessary to take into account the possibility that "the parameters for the euro might not be met". "This doesn't mean relaxing the parameters but rather putting off the start of European union by a year," he said.

Mr Hax, who last weekend called for a delay in the EMU start date, reiterated that Germany would likely miss the government debt/GDP target ratio of 60 per cent "and it will also be difficult for Germany to meet the deficit target". He said he was against a political solution to get EMU under way in 1999. "If this happened, monetary union would start off limping".