Cyprus finance minister welcomes commission’s decision for accession to EMU
No doubt’ that Cyprus will join on January 1. Cyprus Finance Minister Mr. Sarris expressed his satisfaction over European Commission’s decision to recommend the accession of Cyprus to the European Monetary Union (EMU) on January 1 2008.
Mr. Sarris has expressed his satisfaction after EU Commissioner for economic and monetary affairs Joaquin Almunia announced that he would recommend to the European Council and the ECOFIN , the accession of Cyprus and Malta in the euro area.
Finance Minister pledged that his Ministry will work for the smooth introduction of the Euro in Cyprus and Cyprus entry to the Eurozone will help the further integration of Cyprus’ economy, adding however that the adoption of the Euro does not mean that discipline for fiscal policy is alleviated.