With Brussels' endorsement of "special status" in hand, British Prime Minister David Cameron announced on Saturday that his country would hold a referendum on June 23 to decide whether to stay in or leave the European Union.

Cameron said that his government's position was to recommend that Britain remain in the EU. However, uncertainties remain over whether the British people will vote in favor.

The decision to hold a referendum on Britain's EU membership has to be formalized by the British Parliament, but it is widely expected to be adopted since Cameron's Conservative Party holds the majority.