Welteke - Pound must fall before euro entry

GERMANY - The president of the Bundesbank, Ernst Welteke, has said he thinks the pound would have to be devalued before Britain could join the single currency.

The current exchange rate is a hurdle, that is for sure,' Welteke told a round-table discussion on Monetary Union organised in London by the German-British Forum and the Friedrich-Ebert institute.

The governor of the powerful German central bank was speaking in the knowledge that the Bundesbank's views on the pound's ill-fated adventure