British Chancellor of the Exchequer, Mr Gordon Brown yesterday called for a "serious debate" in Britain about European monetary union, despite his government's doubts that London would adopt the euro from the 1999 launch.

In a speech to be delivered in London, Mr Brown said that Britain had to take a constructive attitude towards economic and monetary union (EMU), whether or not it took part in the project.

"Whether Britain is in or out, EMU will have profound implications for British business and the British economy," Mr Brown was to say in a speech before the Royal Institute of International Affairs.

The Chancellor underlined that British participation in the first wave of EMU, due to be launched on January 1st, 1999, had not been ruled out.

But he reaffirmed the Labour government's belief that "formidable obstacles" still exist to Britain signing up to the euro from its launch.

Mr Brown claimed that Labour's response to business demands for more information about EMU contrasted with the Conservative approach, which was to rule out "practical debate and discussion for 10 years". - (AFP)