EUROPEAN foreign ministers said yesterday that the bloc's single currency project marked another crucial watershed for Europe.
But doubts remained over the timing of the ambitious plan to replace at least some of the individual currencies of the 15 EU member nations with the euro from January 1st, 1999.
"The euro is a question of destiny for Europe, both internally and externally," German Foreign Minister, Mr Klaus Kinkel, told reporters" at the gathering in Rome.
Echoing the words of Julius Caesar on crossing the Rubicon in 49 BC to march on Rome, ministers from Germany and France made clear the die was cast for economic and monetary union (EMU) and there should be no stalling.
Italian Foreign Minister, Mr Lamberto Dini suggested it might be in Europe's interests to postpone the start, saying that all EU countries were struggling to meet the stringent economic criteria for EMU aspirants, but he ruled out seeking a delay.
"We are all in a straight-jacket," Dini said. "Considering the evolution of our economies, an additional year would have been valuable for most countries. . . but Italy is not requesting a delay."
French Foreign Minister, Mr Herve De Charette said his country would never suggest a delay to the planned start of EMU because that would require the impossible task of renegotiating the 1992 Maastricht Treaty that set out the framework for monetary union.
"France will never propose it," he said. "If you open a renegotiation.. .there will be no agreement at all on anything."
The launch of EMU is limited, to countries which have met tough requirements laid down in the treaty.
Financial markets have speculated that the start date could be put back because many countries, including Europe's economic powerhouse Germany, are showing signs that they might fail the test on the size of their 1997 budget deficits.
But Mr Kinkel warned that a delay could bring disaster. He said the value of the deutschmark would rise, leading to the loss of more jobs in Germany, and other currencies would also be devalued if EMU did not come.
