Final preparations are underway in eleven European Union countries for the launch of the European single currency, the euro, on Friday.

The president of the European Central Bank, Wim Duisenberg, who is overseeing the launch, hasvoiced a cautionary note, countering pre-launch publicity which has suggested that the euro would bring with it a new era of prosperity.

Mr Duisenberg has said the euro itself would not help reduce high unemployment in Europe.

And he has also warned that economic growth across the participating countries was likely to slow next year, mainly due to the effects of the world financial crisis.