As a result, there were growing calls today from government officials and economists for a "two track" approach to European monetary unification.

"At present, we are being informed, rather than consulted, on German economic and monetary unification," a community official in Brussels said.

A decade ago, as Europe prepared for monetary unification, it was widely predicted that that step would be the incentive for change.

Our second principle, then, is to give priority to growth rather than to European monetary unification.

The advantages and costs of monetary unification, if it finally takes place, will be very unequally spread between enterprises.

We are jumping into monetary unification with our eyes closed.

Finally, monetary unification is going to require tax increases, which are never favourable to growth.

Thus, the positive effects of simplification achieved by monetary unification will be wiped out, and the final result will not be favourable to growth.

If any additional measures are required for this monetary unification, let them be discussed and put clearly to universal suffrage.

This situation quite clearly contrasts with the promise accompanying monetary unification that a new era of growth and employment would begin in Europe.