DIFFERENT VOICES

Date: 23/05/1996

“We will not be returning to the European Monetary System. There are no 'ifs' or 'maybes' about it. The answer is No, regardless of circumstances.”

British Prime Minister John Major insisting his government will not bow to any call for the UK to return to the Exchange Rate Mechanism, no matter how much pressure is put on it.

“The government is fully aware that to meet the European challenges before us, we have 18 months ... Spain's clock does not stop. All the minutes move and tick by inexorably.”

New Spanish Economy Minister Rodrigo Rato spelling out his government's position in the wake of suggestions by new Foreign Minister Abel Matutes that the monetary union clock should be stopped, if necessary, to allow more countries to qualify for membership.

“I would advise everyone, whether it is the BDI (the Federation of German Industry) or the chief economists at the big banks, not to fool with the convergence criterion. We are sticking to the strict interpretation of the criterion. Financial markets are counting on that.”

German Finance Minister Theo Waigel insisting that the deficit criterion for entry into the single currency must not - and will not - be relaxed.

“My ambition was simply to tell our British friends where my thinking had led me concerning the construction and the future of Europe ... I don't know whether I have managed to persuade them, judging by some of the British press. But at least I did my best.”

French President Jacques Chirac explaining the aim of his state visit to the UK last week and insisting he had done his utmost while there to soften British scepticism over Europe.

“Finally the Netherlands has an international posting of high standing.”

The Dutch daily newspaper 'De Telegraaf' reflecting the widespread sense of satisfaction in the Netherlands over the European Monetary Institute's decision to nominate Wim Duisenberg, Europe's longest-serving central bank chief, to succeed Alexandre Lamfalussy as president of the EMI in July 1997.