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The EC scrutinized the social indicators of both countries and came to a conclusion that Cyprus and Malta have achieved "a high degree of sustainable economic convergence with the euro area". "Cyprus has achieved a high degree of economic convergence with the euro area and is ready to adopt the euro in January 2008," said Joaquin Almunia, European Commissioner for Economic and Monetary Affairs.
The European Central Bank decided to give green light to both countries to join the euro zone at the beginning of 2008. The final decision on the two Mediterranean islands' adoption of the euro will be taken by EU Finance Ministers in July, after consultation of the European Parliament. However, analysts expect that the idea of the expansion of the eurozone to 15 states may be frown upon.
Both islands are in favor thanks to low prices, parlous beaches and all-the-year-around sun. Adopting the Common European Currency should make the financial operations yet easier |
