`Hiccup' in rate convergence

WIM DUISENBERG, president of the European Central Bank, yesterday admitted there had been "a hiccup" in convergence of European interest rates in recent weeks, but insisted the process would continue. He said his main message on interest rates was "don't panic".

At a press conference following a meeting of the ECB's governing council, Mr Duisenberg failed to announce details of the bank's proposed monetary policy strategy, saying the issue was "rather more difficult" than first anticipated.