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This paper is an investigation of policy-making by the Blair government on the issue of the UK's European Monetary Union (EMU)/Eurozone membership. The Blair government inherited a 'wait and see' policy from its predecessor, and introduced its own variations in the detail of this policy. In particular, five economic tests were invented and placed at the centre of EMU policy-making, in order to depoliticise the political risks during a general election and referendum while also serving the needs of party management. This paper applies four well-known theories of policy-making to the EMU policy case: the broker state pluralist model, instrumental Marxism, the core executive model and rational choice theory. This paper demonstrates that each model possesses a degree of applicability, but argues that instrumental Marxism seems the most appropriate theoretical model among those examined. [ABSTRACT FROM AUTHOR]