THE march to launch a single currency for Europe took an irreversible step forward yesterday when the 15 heads of state whose countries make up the European Union formally agreed on which nations should proceed to form the euro.
It also looked increasingly likely last night that European Monetary Institute president Wim Duisenberg would be approved as the first president of the European Central Bank - making him one of the most powerful monetary officials in the world.
Under a deal aimed at placating France, which has opposed Mr Duisenberg in favour of its own nominee for the post, Bank of France governor Jean-Claude Trichet, it was thought that Mr Duisenberg might agree to step down some way into his eight-year term to make way for Mr Trichet.
There were signs of significant resistance to the proposal - particularly from Germany, which has long supported Mr Duisenberg's candidacy for the key position.
It has argued that splitting the term between two candidates is contrary to the Maastricht Treaty, which set the rules for economic and monetary union.
Yesterday, German finance minister Theo Waigel said there could be no divergence from the rules agreed on for monetary union.