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As Europe says 'hello' to the euro, is the UK sound as a pound?
The UK Government's five economic tests for euro membership
The five tests are:
- sustainable convergence between Britain and the eurozone economies
- whether there is sufficient flexibility to cope with economic change
- the effect on investment
- the impact on UK financial services industry
- whether it is good for employment
The Government has said that the Treasury will complete an assessment of the five tests within two years of the start of this Parliament. On the basis of the assessment, a decision will be taken on whether the five tests have been met. If the Government recommends UK entry, it will be put to a vote in Parliament and then to a referendum of the British people.