Cyprus welcomes Commission’s decision for accession to EMU

Cyprus Finance Minister Michalis Sarris expressed satisfaction over European Commission’s decision to recommend the accession of Cyprus to the European Monetary Union (EMU) on January 1 2008.
Sarris was speaking after EU Commissioner for economic and monetary affairs Joaquin Almunia announced that he would recommend to the the European Council and the ECOFIN , the accession of Cyprus and Malta in the euro area.
In statements after a meeting with Juergen Kroeger, Director of the Directorate General of Economic and Financial Affairs, Sarris pledged that his Ministry will work for the smooth introduction of the Euro in Cyprus.
Kroeger congratulated Cyprus for fulfilling all the convergence criteria in a sustainable way.
He added Cyprus entry to the Eurozone will help the further integration of Cyprus’ economy, adding however that the adoption of the Euro does not mean that discipline for fiscal policy is alleviated.