Labour's reshuffled cabinet has sparked speculation about the timing of a euro referendum.

The Times believes that the chances of an early euro referendum are unlikely, with Tony Blair focusing on public service reform.

The FT believes the reshuffle paves the way for a euro referendum when the economic criteria are right in the autumn of 2002 or the spring of 2003.

Blair is set to raise the Europe game with a series of speeches about the UK role in the world this autumn.

But the FT does not believe that an official move to back membership of the European currency will come before Brown has carried out an audit of his five economic tests. Treasury sources tell the paper that if the government was seen to be taking too active a role, it would look as if it were "pre-empting" the tests.

The Guardian also rules out a "snap" referendum on the euro and possibly for the life of the parliament, until after the 2004 EU intergovernmental conference on the future of Europe. The paper asks whether Cook was "laid low by chicken tikka masala?".

The Treasury is damping down "over-excited" world currency markets which have given sterling a turbulent ride since the general election and speculation over the prospect of an early move to the European single currency.