Britain's finance minister Mr Gordon Brown has said the government will not be rushed into holding a referendum on joining the euro following recent falls in the value of sterling against the single currency.
In an interview with the Financial Timespublished today he said: "The important thing that I think the British public do understand is that these decisions have got to be made with a view to the long-term future of the economy, rather than simply on short-run considerations."
Analysts have argued that the drop in sterling to a 32-month low against the euro earlier this week has eased conditions for Britain's entry to the single European currency.
British prime minister Mr Tony Blair has made clear that he wants to see Britain join the 12 of its European partners who have adopted the euro.
But he says certain economic conditions must be met before the government approves the move, which must then be backed by the public in a referendum.
Most opinion polls show majority opposition in the country against joining, although supporters claim opinion could be swung round if the prime minister spearheads a strong campaign in favour of the single currency.