Brussels - European Central Bank chief Jean-Claude Trichet ruled out Thursday any moves to ease the tough rules for euro membership so as to help pave the way for nations wanting to join the common currency. The euro has been enjoying a new-found popularity as a result of the financial firestorm that has swept through world markets this year.
In particular, this is because some nations outside the currency bloc have found their national currencies and capital markets under attack as the crisis unleashed by the US mortgage meltdown has taken hold.
But Trichet told a press conference in Brussels that there were no plans to give nations wanting to sign up to the 15-member eurozone a temporary respite from the strict fiscal targets for membership as the financial crisis plays havoc with their national finances.
"The Maastricht Treaty is the Maastricht Treaty," said Trichet with the rules set out in the Maastricht Treaty on European Union requiring those seeking to join the euro to meet series of criteria including a deficit target of 3 per cent of GDP.
"The criteria are the criteria and will be applied," said Trichet.
"No one is asking to change the rules for entry into the euro- area," the ECB chief said.
