DOUBTS about the timetable and conditions for the creation of a European single currency rose to fever pitch yesterday. Mr Valery Giscard d'Estaing, the former French president, joined the ranks of senior pro European politicians who have warned that imposing rigorous EMU conditions during an economic downturn could damage European economies.

The European Commission was yesterday desperately trying to shore up confidence in the EMU plan to merge currencies by 1999. But the Commission has been infuriated by the remarks earlier this week of its former President, Mr Jacques Delors, who suggested that the target date might have to be abandoned.

There was also consternation at the remarks of Mr Carlos Westendorp, the Spanish Foreign Minister, who said there was a secret understanding between governments that EMU could not go ahead with France, Germany and the Benelux countries. Unless one other large country - Britain, Spain or Italy - was prepared to join by 1999, the EU would have to "stop the clock" on the whole project.

At a packed press conference in Brussels yesterday Mr Jacques Santer, President of the European Commission said that stopping the clock would "not stop the 21st century". However, Mr Santer suggested that the Commission might consider a review of the EMU membership rules. Under the plan put forward by the former French president the economic performance demanded of countries wishing to join EMU could be relaxed if the economic cycle was sliding.

Some experts in Brussels are discussing whether there is a mechanism for delaying under the existing Maastricht treaty. Commission officials are currently drawing up a legal opinion which, sources say, will affirm that there is no means of calling a delay without rewriting the treaty.