EC report says Cyprus must speed up euro pereparation

With five months to go to the adoption of the euro, Cyprus has made good progress but needs to speed up its preparations, whereas Malta‘s activities are very advanced, the European Commission concludes in its fifth report on preparations in countries wishing to join the euro area.

In the report published Monday, the Commission calls on both countries to finalise their communication efforts and to ensure that the public is prepared for the new money as information is key to a successful changeover. It also notes that a great deal of progress has already been made.

Cyprus has launched a fair pricing code urging businesses not to exploit the changeover for profit, and a similar fair-pricing agreement has already received strong support from business in Malta.

The report focuses on the latest developments in Cyprus and Malta as they will adopt the euro on January 1, 2008 but it also analyses the preparations of all other EU countries which are not a member of the euro area. In addition, it includes the Eurobarometer survey on public opinion concerning the euro which is available at: 

http://ec.europa.eu/economy_finance/publications/euro_related/2007/eurobarometer207_en.htm