Euro Adoption 'Not An Issue', Says Darling

Alistair Darling has insisted the UK government's stance on adopting the Euro has not changed, as the Stirling continues to lose its value on the world markets.

The Chancellor of the Exchequer said his party's fundamental position has not wavered since 2003, and adamantly stated: "It's simply not an issue to be raised."

Mr Darling was speaking in an interview published in today's Italy's Il Sole 24 Ore.

Earlier this month, EU Economic and Monetary Policy Affairs Commissioner Joaquin suggested there was a high chance that Britain will join the euro in the future.

Mr Darling has now called on Brazil, China, India, and Russia to join the Financial Stability Forum.

The Chancellor has insisted he will seek to avoid protectionism in the domestic economy and push for a coordinated effort among nations to resolve the global economic crisis.

He also called for a restoration of confidence in the British banking system.

"And I also refer to the role and function of regulators," said Mr Darling.

The Treasury chief also said he hopes other countries will recognise the urgency of a review into international institutions.

"The International Monetary Fund must be able to take preventive action," he added.

The government has laid out a series of steps the UK economy must meet before the country would consider joining the single currency.

The five economic tests were outlined by Gordon Brown during his time as Chancellor.

They state the UK economy must first be harmonised with the EU, meaning inflation and interest rates would need to match; there would need to be sufficient flexibility during times of a recession, as the UK would have no control over its domestic monetary policy, and fiscal controls would be limited.

Also investment opportunities would have to be advantageous for UK firms; the effect on the domestic financial services industry would have to be analysed; as would the effects on employment and growth potential.

(PR/JM)