Single currency strict rules

THE EU Commission would follow the letter of the Maastricht treaty in judging which countries qualified for the launch of the single currency, the Commissioner for Monetary Affairs, Mr Yves-Thibault de Silguy, said yesterday.

But he said it would also take into account the prospects for each country's economic performance in 1998 as well as in 1997 when making its recommendations for ministers who would decide as early as possible in 1998.

"The Commission will examine whether or not convergence appears to be lasting by considering earlier progress toward convergence, the first data for 1997 and the outlook for 1998."