Britain's momentum for joining the euro has deteriorated in the last year but signing up to the single currency is still in its interest, the outgoing European Monetary Affairs Commissioner, Mr Yves-Thibault de Silguy, has said. In an interview broadcast on Sky television yesterday, Mr De Silguy said Britain had not maintained the "very active, very correct" support it gave to monetary union during its European Union presidency in the first half of last year.

"The situation probably has deteriorated in terms of momentum," Mr de Silguy said. "I hoped at this time [of the British presidency] that the momentum will be accelerated but we have to be realistic."