Cyprus application to join EMU to be evaluated according to Maastricht criteria

The assessment of Cyprus’ application to join the eurozone will be carried out on the basis of the economic criteria provided by the Maastricht Treaty, EU Commissioner for Economic and Monetary Affairs Joaquin Almunia’s spokeswoman, Amelia Torres, has said.
Torres noted that the accession of a member state to the Economic and Monetary Union (EMU) is determined by the provisions of the Maastricht Treaty, and the member states decide on the basis of the reports issued by the European Commission and the European Central Bank, that have only a financial content.
Finance Minister Michalis Sarris said Monday in Nicosia that the Republic of Cyprus will formally apply this week to join the EMU on January 1st, 2008.