Almunia “happy” with Cyprus, Malta euro vote

The European Union’s Economic and Monetary Affairs Commissioner, Joaquín Almunia, expressed his satisfaction on the progress of the adoption of the euro in Cyprus and Malta and their approval by the relevant authorities.

“I am happy that the European Council has welcomed the adoption of the euro in Cyprus and Malta as proposed by the Commission,” Almunia said in a statement.

“After the favourable vote by the European Parliament on Wednesday, the way is open for a formal decision of the Ministers for Finance on July the 10,” the Commissioner added.

The expected adoption of the euro by Cyprus and Malta on January 1, 2008 means that 15 out of the 27 European Union countries will share a common currency. Together, they total a population of nearly 320 mln people.

“Thanks to Economic and Monetary Union, the euro area has now enjoyed 10 years of price stability and low interest rates,” Almunia said, adding that, “following Slovenia in January this year, it will be the turn of Cyprus and Malta to adopt the euro in 2008 and to benefit from the same macro-economic stability and protection brought about by the single currency.  It is important that they make careful use of the next six months to ensure a smooth transition.”