May 26, 2003	Monday	Rabi-ul-Awwal 23,1424

LONDON: As British ministers pore over reams of research on whether five economic tests for euro entry have been passed, experts warn the questions are so ambiguous they can be made to say almost anything the government wants.

While the vagueness is deliberate, they say, it renders much of the debate on what is perhaps Britain’s hottest political topic somewhat redundant.

Initially published in 1997 spanning a 40-page document, the five self-imposed economic tests were designed by Britain’s Treasury to see whether a “clear and unambiguous case can be made” for abandoning the pound.

Chancellor of the Exchequer Gordon Brown is due to announce the decision on June 9 after discussions with his ministerial colleagues.

The decision to impose the tests was originally “a sound one”, says Professor Ray Barrell of the National Institute of Economic and Social Research (NIESR), a leading independent economic think-tank.

“In 1997, it would have not been wise to join, the exchange rate wasn’t right, the economies were different,” he said.

The first two tests — whether there is enough economic convergence between Britain and the existing euro zone, and if sufficient flexibility would remain once monetary policy is decided in Frankfurt — appear especially open to interpretation.—AFP