Cyprus is ready to enter Eurozone by the end of 2008
The European commission has confirmed today, that Cyprus has submitted the official application for joining to a European Currency Zone. Amelia Torres, the Eurocommission mass-media representative has declared that Cyprus has really forwarded the inquiry about readiness of the country to join Eurozone.
The Eurocommission and the European Central Bank are expected to inform on their decision in the middle of May. The final decision will be accepted in June.
Earlier, Michalis Sarris, Minister of Finance, has informed, that Cyprus will officially make an application on entering to the Eurozone since January, 1st, 2008. Michalis Sarris has also assured that Cyprus completely correspond to all Eurozone criteria.
As he said the budget deficit of Cyprus in 2007 will make less than 2 % of gross national product, that is 3 % below the level established for the Eurozone countries, and in 2006 inflation has made 2,2 %, that is also below the established borders.
According to Minister’s words, the official application will be directed to EU within two days. As Sarris has informed, euro should become Cyprus’s national currency since January, 1st, 2008. Thus, Cyprus expects to become the second country (after Slovenia) from among “new” members of the European Union which have entered to Eurozone.
Nowadays euro is monetary unit of 13 countries - Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Slovenia, the Netherlands, Portugal and Spain.
With euro introduction on Cyprus the Cyprian pound (it is also known as Cyprian lyre) - the currency existing since 1879 will become a part of Cyprus’s history. For inhabitants of Republic Cyprus the Cyprian pound has been associated with long-term financial stability and well-being.
