"Sound fiscal policy" means that public spending, already slashed as the price of admission to the euro club, will stay that way.

Because of the tough entrance requirements to join the euro club, governments have been forced to reduce their budget deficits.

And as a Swiss citizen, he sees firsthand the significance of being inside or outside the euro club.

But each week seems to bring more bad news for Italy's hopes to qualify as a founding member of the euro club.

While the European Union's newcomers grapple with whether to join the euro club, those already in are having their own doubts.

Economists and currency experts were even starting to talk about Greece exiting the euro club before the end of the year.

But each deferment only raises the stakes (and the cost) for the euro club.

The euro club must take the lion's share of the blame for this mess.

In the past, however, governments have all too often played with marked cards in order to qualify for the euro club.

Based on what is known about results during 1997, most economists and government officials now assume that 11 countries will join the euro club next year.