As finance minister, Brown -- reportedly more Eurosceptic than his predecessor Tony Blair -- drew up "five tests" or self-imposed criteria to ensure that joining the Euro is in Britain's economic interests.

Speaking at his first monthly press conference as premier, he said he wanted a European economy which is "open, not closed and one that continues to reform in the interests of the whole of the people of Europe, rather than one that is stuck in an old groove."

"We are not proposing to either have a major new assessment of the euro or to join the euro at this stage," he told reporters.

"As far as Europe is concerned, I've always been pro-European, I've always wanted to see a single market work effectively for the British people.

"That's why I'm so convinced that the way ahead for Europe is to see itself as part of the global economy, not to look inwards but to look outwards."

It is the first time since taking office on June 27 that Brown has addressed the issue publicly.