EP Economic Affairs Committee approves Cyprus’ Eurozone accession

European Parliament’s Economic and Monetary Affairs Committee approved a report for the accession of Cyprus in the EU’s Economic and Monetary Union on 1 January 2008, ahead of Wednesday’s European Parliament plenary session in Strasbourg.
The EP is expected to approve a report produced by German MEP Werner Langen. The report was approved by the Committee members with one abstention.
In paragraph 7, under the title ”Problems specific to Cyprus”, the draft report notes, inter alia, that the European Commission Convergence report on Cyprus ”for the lifting of Cyprus’ derogation, applies only to those areas in which the government of Cyprus exercises effective control within the meaning of Protocol 10 in the annex to the 2003 treaty of accession.”
It adds that the illegal regime established in the Turkish-occupied part of Cyprus, ”which does not enjoy international recognition, is not considered in the report.”