BRITAIN'S "wait and see" policy on membership of the single European currency is one that has been adopted for the right reasons - those of ensuring that real benefits will be forthcoming before deciding whether or not to join.

But, in taking that stance, the government can hardly complain when it finds itself excluded by the committed countries from the planning for the Euro's introduction.

The drawback, of course, is that if and when Britain does join, the rules and direction of European economic policy, crafted by the rest, will be firmly in place and we will have to follow them.

In a sense, it will be rather like the UK's second-wave entry into the then Common Market.

Then, it was obliged to conform to the community's already-agreed structures and procedures and spend a long time battling against those not to its liking.

As a result the UK earned itself the reputation, particularly during the Thatcher years, as the EU's most troublesome partner. Nonetheless, the potential lack of influence over the single currency, stemming from Britain's exclusion from the so-called EuroX group of 11 nations prepared to join in the first wave, is a concern.

And even though Chancellor Gordon Brown finds himself without a moral right to membership, he has a duty to keep pounding on the door for admission to safeguard British interests.

Indeed, the new "inner circle's" attempts to deny us even observer status ought to be speedily reacted to with some indignation.

After all, even if Britain's caution over the Euro is shrewd, it can hardly stand by and allow countries with smaller and weaker economies than ours - as many of the EuroX nations have - to dictate without reference to us what we must do in the future should we eventually decide to join.

A bit of the Thatcher-style bulldog approach - backed up perhaps by threats to withhold UK contributions to the EU budget - may be necessary if Britain is not to become the EuroX's poodle.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.