Almunia says Cyprus set to join euro zone by 2008

 EU economic and monetary affairs commissioner Joaquin Almunia said Cyprus and Malta will be ready to join the euro zone by 2008 on the basis of their economic performance.
“According to the commission’s autumn forecasts published today, the two countries will meet the criteria for inflation, debt and deficits,” Almunia said at a news conference.
He said they will first have to make an official request by the beginning of next year and then receive a positive assessment from the commission and the European Central Bank.