A ring-shaped array of Bose-Einstein condensed atomic gases can display circular currents if the relative phase of neighboring condensates becomes locked to certain values. It is shown that, irrespective of the mechanism responsible for generating these states, only a restricted set of currents are stable, depending on the number of condensates, on the interaction and tunneling energies, and on the total number of particles. Different instabilities due to quasiparticle excitations are characterized and possible experimental setups for testing the stability prediction are also discussed.
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