Who remembers those headlines barely six months ago, blaring "euro-phoria" upon the arrival of the new currency into the economies of the 11 founder member-states of the euro zone? Or the unseemly scramble to stretch any and all criteria to ensure that as many as possible were deemed eligible for initial membership?

It all seems a long time ago, as many of the same economists who forecast the coming of age of the new euro as a major global currency to rival the dollar now issue dire warnings about the parlous state of its health.

One has to feel a certain sympathy for Wim Duisenberg, the president of the European Central Bank. He is fighting to preserve the currency's credibility in the face of a virtually stagnant EU economy - despite the buoyancy which is proving a double-edged sword here - and unexpected strength in the US. The low interest rates needed to kick-start the economy are doing little to attract currency investors faced with more attractive options in Britain and the US.

In addition, some of the fears expressed by some states at the time of the rush for membership - notably Italy - are coming home to roost. Duisenberg is not helped in holding his nerve and trying to steady the euro boat for the longer term by the nervousness of the very politicians who insisted a year ago on the birth of the euro at any economic cost, but who now want instant solutions.

It is time all parties gave the currency a break and allowed it the space to establish itself. The current enthusiasm for gloom can only hasten an avoidable crisis for a project whose failure would exact a very high toll, politically and economically.