The position paper - known as the draft Brighton Declaration - says the European Convention should be rewritten so that it includes two key principles.

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It's a 13-page position paper posted on the Web site Thursday.

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Or to put it another way, for all the UK government's pre-emptive austerity measures, on paper the fiscal position of the UK is worse than for Italy and for Spain.

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What these changes will do is create a paper-trail so the CFTC better knows who is holding what position.

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You can get the currency exposure either by purchasing short-term paper issued by the flaky government in question or by taking a long position in the futures market for that currency.

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The findings were published in a new position paper entitled "Impact and Priorities of the eEurope 2002 initiative, " in the run-up to the summit of heads of state in Stockholm, Sweden, on March 23 and March 24.

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