Significant milestone Cyprus’ accession to the Eurozone

Cypriot President Tassos Papadopoulos described as “a significant milestone” on Saturday the unanimous approval of the European Council of the proposals of the European Commission and the European Central Bank for the accession of Cyprus and Malta to the Eurozone on 1 January 2008.

Speaking at Larnaca Airport on his return from Brussels where he participated in the European Council summit, President Papadopoulos also described as the greatest success since Cyprus’ accession to the EU, the island’s accession to the Eurozone.

He also said that the Council will instruct ECOFIN to set a date for the parity of the Cyprus pound to the Euro next month.

Papadopoulos noted “we consider it a historic opportunity for the Republic of Cyprus, a great milestone and the greatest success since Cyprus’ accession to the EU”, adding that this success gains greater significance because this time, Cyprus, with its own strength and its economic results, managed to reach the level to be that its accession to the Eurozone is justified”.

He praised the reports of the Commission and the European Central Bank, noting they were flattering for Cyprus.

President Papadopoulos also described as a “big step” the reformed EU treaty achieved in the early hours on Saturday, expressing the conviction that it will make the EU institutions and national parliaments function more smoothly.

He also congratulated the President of the Council, German Chancellor Angela Merkel as well as all the countries which showed an excellent spirit of agreement and cooperation, noting that with many concessions and compromises, they achieved what was considered impossible ten months ago.