Continuing his speech on the euro in the House of Commons, chancellor Gordon Brown says that the UK ...
Continuing his speech on the euro in the House of Commons, chancellor Gordon Brown says that the UK must be more certain of convergence of the business and interest rate cycles before the time is right to join the eurozone.
"We must be certain of sustainable convergence, and need fiscal flexibility to deal with differences within the currency union," Brown says.
"We must ensure there is not repeat of the ERM experience," Brown adds, pointing to the mess caused when the Bank of England moved to support the then exchange rate between the pound and the Deutsche Mark.
Convergence is happening, he adds, for example, interest rates are moving more in step than ever, with long-term rates at about 4% in both the UK and Europe at present.
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