The calming effect arose from unconfirmed reports that Theo Waigel the German finance minister had suggested Germany was taking

The calming effect arose from unconfirmed reports that Theo Waigel, the German finance minister, had suggested Germany was taking a more relaxed line over the need for countries to meet the Maastricht-imposed criteria of reducing debt to less than 3 per cent of GDP. German employment figures released this week also showed the first fall in jobless recorded in a year. In the past, Germany has insisted on strict application of the Maastricht criteria. But Edgar Meister, Bundesbank directorate member, said yesterday it was not certain Germany would meet the criteria.Martin Brookes, international economist at Goldman Sachs, said: "The German government wants to enter EMU regardless of the 3 per cent criteria."Michael Lewis, senior economist at Deutsche Morgan Grenfell, said if EMU failed to go ahead on time, the German mark would strengthen and hit German competitiveness.. Quadrant Group announced a capital reorganisation and plans to raise pounds 5.6m through a placing and open offer of 5.6 million shares to stave off collapse. The maker of electronic video and precision-engineered products said the 100p-per-share offer price was pitched at a 23 per cent discount to current mid-market prices "due to financial difficulties".

The difficulties relate to the imminent need to repay loan commitments to Carlton Communications. A rescheduling of the loan had been agreed with Carlton but was conditional on the placing and open offer taking place, the company said. "Shareholders should be aware that if the placing and open offer does not proceed the agreement with Carlton amending the terms of its loan would fall away and in these circumstances the directors believe that the company would be unable to continue trading.". You remember the old Punch cartoon: Bishop: "I'm afraid you've got a bad egg, Mr Jones!" Terrified curate: "Oh no, my Lord, I assure you, parts of it are excellent!" Church reports on social issues are so often rubbished by the press that it seems churlish to join in, which is why this ageing Methodist curate has got used to claiming that they are "good in parts". But on Tuesday the Council of Churches for Britain and Ireland published their report on Unemployment and the Future of Work and it is rather a good egg.The working group includes serious entrepreneurs as well as advocates of rights for the poor.

At the centre of the enterprise was a remarkable partnership between David Sheppard, Bishop of Liverpool, and Andrew Britton, who left the National Institute for Economic and Social Research to head the work - the Bishop and the Boffin.It was certainly the Bishop's passion and persistence that created the thing. But Andrew Britton has made this a remarkably coherent and professionally competent report Its case is simple The argument is complex.The case is this. The Churches claim that comfortable Britain has left the poor behind, most of all in the area of work. There are less than two million people claiming unemployment benefit, but that number doubles when those who have dropped out of the labour market altogether are counted. Worse, politicians who hope to govern have to reassure those who are still comfortable. A new commandment have they given unto us - Thou Shalt Not Frighten The Floating Voter. So the Churches have stepped into a moral void which political necessity has created.