European Union finance commissioner, Mr Yves-Thibault de Silguy yesterday rejected the idea of dividing the presidency of the future European Central Bank between Dutchman, Mr Wim Duisenberg for the first four years and a Frenchman for the following four.

He said at a Paris meeting on treasury securities and the euro that the eight-year term of the future central bank chief "is not renewable" and "in my opinion, cannot be split up either".