GERMAN Finance Minister, Mr Theo Waigel, said yesterday it would be better to wait for a good result on the proposed European stability pact than to move too quickly and have an unfavourable result.

"It would be better to wait for a good result, rather than going too quickly," Mr Waigel told journalists at a reception to celebrate the flotation of Deutsche Telekom.

Asked if he thought an agreement on the stability pact would come before the end of the year, Mr Waigel said it would be good if that was the case, "but we are not under pressure". The stability pact, proposed by Mr Waigel about a year ago, is aimed at ensuring that European nations forming a single European currency will retain tough fiscal policies ensuring a stable euro.

The Finance Minister told a German magazine that if a satisfactory agreement on the stability pact was not agreed, negotiations would have to continue after the December EU summit.