The president and chief executive officer of US merchant bank Merrill Lynch, Mr Herbert Allison, paid homage yesterday to Europeans for trying the "experiment" of economic and monetary union (EMU).

Speaking at a London colloquium on investment opportunities linked with creation of the single currency, the euro, Mr Allison said: "With EMU, Europe is choosing to embrace growth, reform and change. The stakes are high, but if the experiment succeeds, Europe will emerge as one of the world's strongest economies."