Mandelson pushing Britain into euro zone
27 Feb 2010
The UK government would eventually lead the country into the euro zone, Britain's business secretary Lord Mandelson said yesterday citing the benefits of the European single currency entry.
"We already have the euro zone providing a single central bank, currency and monetary policy, which one day I believe Britain will be part of", Mandelson, a former European Union trade commissioner, said while speaking at a university in Paris.
"Don't ask me when. It's not going to be soon, but we will do it," he added.
In 1997, prime minister Brown set five economic tests that must be met before ministers would recommend UK euro entry and hold a referendum.
Current policy is that the government 'sees benefits in euro membership' but will not join unless the tests, such as convergence of interest rates and impact on employment, were met.
The key test is whether the UK economy is coming together with those of countries in the euro zone and whether this can be sustained in the long-term, he said.
