EU governments gave serious consideration to naming the states which would participate in the single currency in December so that the announcement would not be made during the British presidency.

While this option was finally declared not to be practical, it is now likely that the participants will be announced next year at a meeting in Brussels, rather than in the presidency capital of London, The Irish Times understands.

If the option to actually make the announcement before the end of December had been taken, it would have damaged the prestige of the British presidency. It was examined in the context of annoyance within other member-states at Britain's lukewarm attitude to the single currency project.

The move was backed by the Luxembourg president, Mr Jean-Claude Junker, who was keen to crown his country's presidency with a historic summit.

The discussions are understood to have lasted at least until the informal meeting of finance ministers in Luxembourg in September.

The Germans were anxious that no decision would be made until the out-turns of EU member-states' economic performance this year were available.

The European Monetary Institute and the Commission will be assessing each member-state's economic performance and then making recommendations to the EU finance ministers.

The results will then be passed to the finance ministers at the summit meeting in Brussels on May 2nd to 3rd. They will then make a recommendation to the heads of state.

Official sources insist the meeting is being held in Brussels because of its superior facilities to London and its proximity to the European Parliament. However, others say that it points to a general nervousness about Britain's attitude to EMU, even since New Labour came into power. See page 4