The UK chancellor Gordon Brown confirmed on Monday 9 June that only one of the five economic tests had been passed for Britain's entry to the euro. He also set out measures that would increase economic convergence between the UK and eurozone saying he had written to the governor of the Bank of England regarding changes to the Bank's inflation target and the introduction of the HICP inflation measure, as used by the ECB.
Click here to read the Chancellor's full statement
Source: Financial Times
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