EUROPEAN Union Finance Commissioner Mr Yves Thibault de Silguy said yesterday that, in spite of the current European economic slowdown, "from seven to 10 EU member countries should be ready at the start of 1998" to take part in the union's single currency in 1999.

"The road to be followed (in reducing deficits) is fully bearable," and the time table for the single currency laid down in the Maastricht Treaty "will be respected", he said.

He added: "We are going through a crisis of confidence, not a recession. A crisis of confidence can always be overcome, especially when it is unjustified."