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The Five Tests to assess whether Britain will join the Euro or not were imposed by Gordon Brown, Britain's Chancellor of the Exchequer. No date has yet to be set when the assessment will be made, though many political commentators believe it will be in 2003 and not before. It has also not been revealed whether passing 4 of the tests and nearly passing the fifth will suffice. What actually will determine a pass? Who will advise the Chancellor on what is a pass or failure - a pro-Euro or anti-Euro advisor/advisors?
The Five Tests are as follows:
Can Britain's economy run in synch with the Eurozone long term?
Will joining the Euro affect our flexible labour market?
Will it make unemployment worse?
Will it affect our world beating financial services industry?
Will it stop foreign firms investing in Britain?