The London Financial Timeshas reported pro-euro ministers are preparing to press for a vote on the currency before the next general election.
The newspaper said today a group of at least five pro-euro cabinet ministers were preparing to fight any attempt by the country's finance minister, Mr Gordon Brown, to rule out a referendum on the single currency before the next election.
The FTcited Welsh secretary Mr Peter Hain as saying the pound had fallen to levels that would make euro membership possible.
Mr Brown has pledged to deliver his assessment of the economic case for euro entry by the first week of June but is expected do so in May.
Newspaper reports have said Mr Brown has persuaded Prime Minister Tony Blair to all but forget about holding a referendum on euro entry before the next election, due by 2006.
The paper said Mr Blair had agreed with Mr Brown to announce shortly that the five economic tests for joining the euro had not yet been met but was resisting the Treasury's attempts to rule out any further assessments before the election.