The British Chancellor of the Exchequer said today he sees benefits to joining the euro and will report to parliament on the matter by the first week of June.
"In principle we see the benefits of joining the euro, but we have subjected the decision to these five economic tests," said Mr Gordon Brown after meeting with European Union finance ministers.
The five tests cover economic convergence with the euro area and the impact joining the euro would have on jobs, investment and London's financial district.
The chancellor also said he urged EU finance ministers to unite behind economic reforms. "All of us who are pro Europeans . . . must unite around a shared agenda for economic reform," Mr Brown said. "Reform, I argued this morning, is essential".
On structural reforms, he said "I think there is a consensus now on agreeing that these [reforms] are necessary".
He said labour markets and trade need opening up and competition in the service sector should be extended.