Has the fourth euro entry test already been passed

UK - In all the coverage of Gordon Brown's Mansion House speech on Wednesday night, it went largely unnoticed that he had in effect declared that one of the five tests for euro entry had been passed. Friday's Financial Times picked up on the story.

Mr Brown referred his audience of bankers to the Treasury's 1997 assessment of the fourth test, the effect on financial services, which concluded "the benefits and the opportunities from the single currency will probably be easier to tap from within