A delay in Europe's single currency would not be a disaster but would be very hard to achieve, the Bundesbank president, Dr Hans Tietmeyer, said yesterday. In any case, postponement would not be the prerogative of the German central bank. Dr Tietmeyer stressed he did not want to become involved in a debate on the merits or otherwise of a delay beyond the planned 1999 launch of the euro.

"I simply cannot agree with some arguments I have heard recently that if the euro is delayed, the sky over Europe would crash down," he said. "That, however, does not mean in any way that I am speaking for or against a delay."

Dr Tietmeyer's remarks emerged in the midst of a refreshed debate about the possibilities for a delay, sparked by comments from Italian foreign minister, Mr Lamberto Dini.

In a remark seen in Italy as a peace token to allay German concerns, Mr Dini said on Monday a delay could be preferable to launching a weak euro.