MUNSTER MEP Pat Cox has resigned as rapporteur on monetary union of the European Parliament's economic committee. He blamed fears that MEPs may open up a single currency Pandora's Box at this year's treaty changing Inter Governmental Conference.

Mr Cox, who is vice president of the Liberal Group, said yesterday proposals from the two largest groups in parliament to seek amendments to monetary union clauses of the Treaty of the European Union could allow others to propose changes to the Maastricht convergence criteria or timetable.

To do so, he says, would fly in the face of the unanimous recommendation of the Reflection Group charged with preparing the IGC agenda. The group expressed fears from member states that any suggestion of changes to the EMU provisions of the treaty could both lead to destabilising uncertainty about the process and the possibility of major divisions between member states.

Responding to popular concerns about unemployment, the Socialist and Christian Democrat groups have urged the incorporation of a new chapter in the treaty on the issue. But they have also suggested amending Article 103 of the present treaty which deals with operational aspects of the transition to EMU.

Mr Cox also warns against raising false expectations by putting aspirations into a treaty rather than addressing the issue of competitiveness and growth with practical measures. If one poses the question: "What has caused the current unacceptably high level of unemployment?", the answer is certainly not the absence of a treaty chapter, he argues.