Slovenian Presidency welcomes accession of Cyprus and Malta to eurozone

The EU Slovenian Presidency has welcomed the accession of Cyprus and Malta to the eurozone on January 1st, 2008.

According to a press released issued by the Slovenian Presidency,
Slovenian Minister of Finance Andrej Bajuk said ”the euro brings numerous advantages in the business sector since it abolishes unnecessary costs and increases competitiveness.”

”This encourages trade, resulting in the creation of new jobs in Europe. In my opinion, it is only through adoption of a single currency that the opportunities offered by a single European market can be utilised to the full,” he added

Bajuk expressed his appreciation for the work of the governments and central banks of Cyprus and Malta and stressed that preparations for the adoption of euro had been very successful.

According to the press release, during its Presidency of the EU Council, Slovenia will carefully monitor the implementation of all the measures required to ensure the smooth introduction of the new single currency.

The Slovenian Presidency is in favour of further enlargement of the euro zone and during its six-month Presidency, Slovenia will cooperate closely with those Member States that will comply with the criteria for the introduction of the euro, the press release concluded.