307 1.4L petrol: Catalytic Converter Fault

The warning message, and its corresponding warning light, came on about three or four times for a few seconds each time, before the car went into "limp" mode: I could not accelerate over 1500 rpm or speed over 10 kph. No other funny engine noise, just very low performance, the car is basically not drivable any more.

Can this be reset electronically? Can it be deactivated? The car has only 80 K (km). Could this fault be the artifact of another condition besides the obvious (cat converter failure)?

TIA,

Nikos

PS. The car was smogged last week. All readings were fine.

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rdrnws
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