2 December 2002, 12:58  UK sets higher barriers to joining euro

The UK's adoption of the European single currency has been cast into doubt with the publication of a treasury report setting stiff criteria for the adoption of the euro Carried in the Daily Telegraph, the leaked paper said "the conditions which must be met to minimise the risk of destabilising shocks are specific and demanding" Specifically, it said "that the economy must be very open, with a high share of trade with the country to which it is pegged; the economy and financial system must already extensively rely on its partner's currency and the shocks it faces must be similar"
The Telegraph said the report opens up an even greater gulf between Prime Minister Tony Blair, who is keen to join the euro zone, and Chancellor of the Exchequer Gordon Brown, who is more eurosceptic //www.fxcentre.com

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