Meanwhile a dispute has flared up over how long the President of the bank overseeing the launch of the euro should stay in office.

The French Finance Minister, Dominique Strauss-Kahn, said the Dutch President of the bank, Wim Duisenberg, whose appointment was contested by France, had broken a pledge to quit halfway through his term.

He was referring to Mr Duisenberg's interview with the newspaper Le Monde in which he denied he would resign early.

Mr Strauss-Kahn said Mr Duisenberg had broken a promise he gave President Chirac that he'd allow a French banker to replace him after four years as head of the new European Central Bank.