10 December 2002, 11:13  Blair Says "Of Course" EMU Tests Could Be Passed

LONDON (MktNews) - UK Prime Minister Tony Blair insisted in an interview in the Financial Times Tuesday that it was still possible that the five economic tests to decide if the UK should join the euro could be met. ,br> "Of course it's possible they will be passed, of course it is," Blair said. He played down the problems posed by the difference in interest rate levels between the UK and the euro zone, and by the strength of sterling. He insisted that what mattered was the "long-term view."
"Whatever are the passing issues...the tests have a long-term impact on convergence, on investment, on jobs and financial services...You've got to take a long-term view. That's our position. It is the Treasury position," he said. Blair also restated that if the tests were met, he would call a referendum. In the interview, Blair stressed that he would press ahead with public sector reform, even if it was opposed by unions and sections of the ruling Labour Party.
He was dismissive of the current wave of headlines about his wife's use of a convicted fraudster to purchase two appartments in Bristol. "This type of media frenzy will come and go," he said. //www.marketnews.com

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