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German president hails the euro

The German president has defended the common European currency, the euro, despite recent serious problems in Ireland, Greece and other countries, calling it a success story.

Christian Wulff said the euro has paid off and the euro-zone nations now need to make political decisions to establish a warning system and be able to deal with those countries that break the rules.

"I still consider the euro a success story for the euro zone," Mr Wulff said after meeting his Czech counterpart Vaclav Klaus, a day after Ireland applied for massive EU-IMF financial assistance to save its banks.

Mr Wulff said he would appreciate it if the Czech Republic worked to move closer to adopting the euro.

The Czech Republic has no target date for adopting it.

Mr Klaus, a well known euro-sceptic and euro opponent, said the issue is not on the agenda in his country.

He said there was no relevant force in the country, including the government, parliament and the central bank, which would push for joining the euro in the foreseeable future.

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From Belfast Telegraph