Treasury chief: euro IS political

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Gus O'Donnell, managing director of the Treasury's economic policy, appeared to have let the cat out of the bag by telling students that Mr Brown's five key economic tests for joining could "never be clear and unambiguous".

He is said to have added in a private Whitehall seminar before Christmas: "Ultimately, it will be a political decision."

The leaked comments were put out by antieuro campaigners Business for Sterling and were clearly designed to undermine the pro-euro case as notes and coins began to be used across 12 countries in Europe.

However, taken at face value, they appeared to fly in the face of repeated assurances by Mr Brown that the five tests were the only criteria for recommending entry and calling a referendum. The Chancellor has repeatedly stressed that political considerations will play no part in his thinking.

Treasury officials - clearly taken aback by the leaked comments - said Mr O'Donnell, a much-respected Whitehall figure who was once John Major's press secretary, had been "taken out of context".

Mr O'Donnell was speaking during a careers presentation to around 150 third-year economics undergraduates at the Department of Trade on 30 November.

Forged euro note recovered
Comment: Reading the euro runes