Lord Mandelson has reopened the divisive issue of joining the single currency.
The Business Secretary described it as an “important objective” for Britain during a trip to Berlin, hailing the euro as “a great success”.
It is the first time such a senior minister has openly enthused about the euro for over five years. Gordon Brown effectively closed down the debate on scrapping the pound with his five tests in.
The First Secretary of State said: “Does it remain an important objective for Britain to find itself in the same currency as that single market in which it interacts? Obviously yes.”
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He insisted that such a decision was for “the future” and had to be made on the “right terms in the right circumstances”.
However, he added: “It is perfectly clear that the euro has been a great success in anchoring its eurozone members during the financial crisis.
“I hope people will recognise that this represents a major vindication for the single currency.”