The Americans are alarmed that the euro countries of western Europe, with a gross national product comparable to or exceeding that of the US, will integrate politically and challenge their supremacy as the sole superpower in the world, after the introduction of single common currency on New Year's Day.

"While a politically united Europe remains a distant dream," wrote The Washington Post in a front page despatch, "proponents think the single currency will help Europeans put aside their linguistic, cultural and political differences and become a global economic rival to the United States."

At present, western Europe is linked to the US through NATO but, in NATO, an American is always supreme commander and America dominates NATO.

All this may unravel, the USfears, if Europe is politically united in the wake of the euro replacing national currencies in 2002.

The euro countries are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The four European Union members not taking part -- at least for now -- are Britain, Denmark, Greece and Sweden.

Many American analysts had predicted that creation of a common currency for western Europe was difficult because of different rates of budgetary deficits, state of development, rate of inflation, interest rates and other economic indices.

This has been proved wrong so far, however the Americans are still hoping that political unification will not be possible because of problems not envisaged right now.

The Washington Post said "critics contend real economic unity is impossible without political unification. Euroland's 11 currencies vary enormously in size and strength and are growing at various rates. They are led by governments of different ideologicalpersuasions pursuing -- in some cases -- somewhat disparate political objectives."

While conceding that `throughout the past year of global economic upheaval, the European economy has shown remarkable resiliency, which has helped smooth the run-up to the euro's launch," The Post added: "but some doubt whether the 11 Euroland countries will be able to hold together in the face of financial market or currency turmoil, or a severe recession, that strikes closer to home."

The general US reaction to the euro is public approval and hope that the experiment will fail.