The European Monetary Institute has finally confirmed the worst fears of supporters of European monetary union. At the start of a meeting with clients, Paul Mercier, head of financial markets at the EMI, said to them: "I want to be as open as I possibly can there will be a delay in monetary union."
"I couldn't believe it," says an economist who was present at the meeting. "We were all aghast. All I wanted to do was to rush out and get on the phone to people."
But before Eurosceptics and foreign exchange dealers start screaming with delight, read on. After a short pause, Mercier added the qualification: "The reason is very simple. January 1 1999 is a public holiday across Europe, and it's the weekend for the next two days, so there's no chance that Emu can begin before Monday January 4."
"His timing was perfect," says the economist. "He had us all going for a moment." Antony Currie