British Chancellor of the Exchequer Mr Gordon Brown today acknowleged that the five economic tests for euro entry were now down to just two.
Speaking on BBC radio the day after he announced that four out of the five tests were not met, Mr Brown admitted that it was really only the first two - on economic convergence between the two economies and the amount of flexibility in each - that really mattered.
He said that he thought considerable progress towards meeting the main two tests had already been made and more would be made by the time of his annual budget next spring, when he will review progress.
Mr Brown surprised many yesterday when he announced that if sufficient progress in certain areas were made by the time of the budget, he would then re-run the tests and, if they were met, the British government would call its promised referendum.
Economists have long considered that it was only the first two tests that really mattered even though many also think that all the tests are sufficiently vague that they can be interpreted in almost any way.
The key to whether they may be judged to have been met in future will be whether public opinion - currently hostile to euro entry - swings to become more in favour.
Mr Brown and Prime Minister Tony Blair are to hold a news conference later in today to promote the benefits of the euro.