It is time to think about Britain joining the euro, according to former Europe minister Denis MacShane, speaking at a Fabian conference.
"The euro has been a godsend during the current economic crisis", he said, and had probably saved runs on currencies in Italy, Spain, Greece and even France.
"The euro has proved its worth as an international currency. What does Gordon Brown say. It's time to think the unthinkable," said MacShane, a panellist at the America Votes, Europe Responds conference.
Foreign office minister Bill Rammell said he expected to see a co-ordinated effort from European powers during the economic downturn.