Dutch hit back in row over Euro-bank
By Toby Helm, EU Correspondent, in Luxembourg
telegraph.co.uk
THE dispute over who should head the European Central Bank deepened
yesterday as the Dutch Finance Minister, Gerrit Zalm, said failure to
install his country's candidate would "be worse than losing to Germany
in the World Cup".
Mr Zalm, who is pressing the candidacy of Wim Duisenberg, head of the
Dutch central bank, against a French campaign for Jean-Claude Trichet of
the Bank of France, was speaking after European Union finance ministers
said the row might not be resolved until the summer.
Mr Zalm said the argument had become "a real problem" for all 15 EU
countries which were keen to ensure the successful launch of monetary
union on Jan 1 next year. It was time the French understood that most
member states favoured Mr Duisenberg, who has strong German support, he
said. "It would be very strange if the candidate with a massive majority
is blown off the table." The argument seems certain to spill over into
the Brussels summit on the euro next weekend and could drag on towards
the Cardiff summit in June, which concludes the six- month British
presidency.
Andrew Gimson in Berlin writes: The state of Saxony in the former East
Germany said yesterday it would vote against the euro unless Italy and
Belgium guaranteed to cut their huge debts. The debt levels in both
countries are more than double the Maastricht target of 60 per cent of
GDP, leading to fears in Germany that the euro will be a weak currency. |
