TO campaigners fighting to keep the pound - an aim shared by 69 per cent of voters, according to a BBC Radio 4 poll today - the declaration by European Central Bank chief Wim Duisenberg that it could be "many years" before Britain could join the euro will be music to their ears.

But it will strike a sour note with the Tories.

For their best thunder looks set to be stolen as the row over whether we should be in the single currency is now likely to die down.

For this issue was the best card the Conservatives had to play in their bid to stage a comeback.

They wanted the next general election fought on it.

The government did not.

For despite all its conditional stipulations, Labour is vulnerable on ditching the pound.

It has spent much effort - and plenty of taxpayers' money - softening up the electorate for entry before realising that most people do not want it and economic circumstances do not warrant it.

It was this last point that Mr Duisenberg addressed when he said the UK economy would have to be more in line with those of its EU partners in euroland - particularly on interest rates and the exchange rate. But such is the strength of the pound over the ailing euro, which has plunged by 14p against sterling since its launch barely a year ago, that it is likely to be many years before the euro recovers.

The alternative for the two currencies to converge at or about parity is for the pound to be devalued - and the government would write itself a suicide note if it ever put that on the electoral agenda.

And, meantime, as Tony Blair warned them only days ago in another deliberate exercise of blowing cool on the euro, our EU partners must copy Britain by cutting taxes, trade union power and welfare if their economies are to become as strong for currency convergence to be favourable.

We can expect to wait many years for that also.

As a result, we may also wait a long time for a referendum on the issue - and, in turn, for the Tories to recover, especially while the UK economy remains so robust.

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