Sterling may not have to enter ERM to join euro

UK - Brussels has smoothed the path to British entry to the euro, by suggesting that sterling might not have first to rejoin the Exchange Rate Mechanism for two years.

Pedro Solbes, European monetary affairs commissioner, yesterday said there could be "margin for manoeuvre", suggesting that the rules might be bent to accommodate Britain.

The government said it was the first time it had heard a commissioner say in public that the strict rules for euro entry set in the Maastricht treaty might not

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