Despite a warning from professors, European bankers say they will not postpone the introduction of the first stage of the new Euro currency computer reprogramming in 1999.
The euro is a matter of great prestige for the European Union. It is too important politically to be postponed by anything. This includes the failure of the nations to meet the Masstrict treaty's deficit requirements. It also includes the shortage of programmers and time to correct y2k.
This is from an Associated Press story published by Fox News (Feb. 9).
* * * * * * *
German economic professors appealed to European leaders Monday to postpone the debut of a common currency for the continent, saying financial conditions are "most unsuitable'' for the euro.
A petition signed by more than 150 professors and published in the Frankfurter Allgemeine and London's Financial Times was just the latest warning from Germany's leading experts that Europe should delay the euro's Jan. 1 debut.
The critics say European countries have failed to reduce their deficits and debts to levels low enough to make a single European currency successful. . . .
"The time is right for the euro,'' Foreign Minister Klaus Kinkel added, noting that dozens of other economics professors have endorsed the plan. . . .
"We consider it totally irreversible. There's no question of postponing,'' Patrick Child said. . . .