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Reports that Tony Blair will favor a referendum on a proposed constitution for the soon-to-be enlarged European Union. Impact on the postponement of a decision on Britain's adoption of the euro single currency; Evidence of a shift in Mr. Blair's agenda; Aspects of the emotional debate in Britain about Europe.

Discusses the likelihood of a referendum on the euro in Great Britain. How the dispute over the Iraq War has overshadowed promotion of the euro by Prime Minister Tony Blair and Gordon Brown, chancellor of the exchequer; Public inquiry into the apparent suicide of weapons expert David Kelly, led by Lord Hutton; View that the Hutton inquiry has become a critical test of the government's credibility; Views of analysts; Issue of the euro's suitability for adoption in Britain.

Focuses on the impact of an imminent war against Iraq on the efforts of British Prime Minister Tony Blair to persuade Britons of the need for entry into the euro currency. Outlook for passage into the currency; Reasons for opposing the euro, such as the incompatibility of European and British economies and the inflexibility of the euro zone; Tests used by Blair and chancellor Gordon Brown to determine whether or not Britain should adopt the euro.

Examines the choice by Great Britain not to adopt the currency of European Union in light of the decreased valuation of the euro against the American dollar. Vindication that some proponents of the pound feel as the euro declines; Vote on whether to accept the euro in Denmark.

Reports that Britain's Financial Times-Stock Exchange index recorded its biggest one-day gain on September 26, 1997. Other markets reacting sharply after a report that the government was considering joining the European single-currency union after its planned introduction in 1999; Background and reaction to the report; Figures on British stocks and currency from January-September, 1997.