Let thy yea be yea and thy nay be nay

16 May 2003

The euro’s key absentee will not join this year. But Britain’s politicians are rowing about whether to think again within 18 months. A few quarters’ extra data won’t alter the economic argument. A short delay would be pure politics and bad policymaking. No should mean no.

This content is for Subscribers only

Context News

Britain's finance minister Gordon Brown will announce his decision on whether his country should join the euro on 9 June, the government has announced. His recommendation will be based on an assessment of euro membership against five economic tests selected by Brown and his economic adviser, supported by 18 further economic studies commissioned by the Chancellor. The recommendation and the accompanying statement will have been discussed individually and collectively by the members of the Cabinet. According to reports, the central decision, not to recommend euro membership straight away, is taken. Internal debate is now reported to centre on whether to indicate that the government will undertake another review before the next general election, which is due no later than May 2005.

On taking office in 1997, Brown told Parliament, "On Europe, the time of indecision is over." His five economic tests for euro membership are said to have been drawn up by his speechwriter, since promoted to the post of chief economic adviser to the government, in the back of a taxi on the way to a lunch in New York.

Email a friend

Please complete the form below.

Required fields *