Cyprus to join Eurozone on 1 January 2008

After its succession to the EU, Cyprus has set itself the goal of joining the eurozone on 1 January 2008.

After discussions and evaluations of all the facts by Cyprus’ Council of Ministers, the proposal to adopt the euro on January 1, 2008 has now been adopted and Cyprus is committed to adopting the euro once all the so called Maastricht criteria have been fulfilled.

The Cyprus authorities will try to pursue sound fiscal policies, while the responsible EU bodies will closely be monitoring the macroeconomic developments. Various structural reforms will aim at enhancing the economy’s flexibility and adaptability, and in general at supporting the overall competitiveness of the economy.

By joining the euro zone, i.e. replacing the Cyprus pound with the euro, Cyprus will further enhance its suitability as an international business centre.