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International Business

Germany Upholds Currency Stand: Finance Minister Theo Waigel insisted that the choice of states fit to join the European single currency should be made in early 1998, saying France’s call for an earlier date entails too much risk. Waigel also received support from parliamentary deputies for his proposed “Euro” name for the new single currency. All European Union members except France supported Waigel’s position at a meeting of EU finance ministers in Brussels. To qualify for issue of the single currency by the planned launch date of Jan. 1, 1999, members must meet strict criteria on inflation, fiscal restraint, interest rates and exchange rates in 1998. France is seeking to choose the participants at the end of 1997 on the basis of forecasts for 1998. A final decision is likely to be made at an EU summit in Madrid on Dec. 15-16.


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