clock menu more-arrow no yes

Filed under:

Germans urge delay of common currency

More than 150 German economics professors published a petition Monday urging that Europe's common currency be postponed due to "most unsuitable" economic conditions.

Their letter, published in the Frankfurter Allegmeine newspaper and London's Financial Times, was the latest warning from Germany's intellectual elite that Europe should put off the euro's debut on Jan. 1, 1999.The critics say European countries have failed to align their economies around the low levels of deficit and debt necessary for a successful currency union.

Chancellor Helmut Kohl, who has made the euro central to the platform for his race for an unprecedented fifth term, said the currency union would begin as planned.

"The time is right for the euro," Foreign Minister Klaus Kinkel said, noting dozens of other professors have endorsed the plan.