Cyprus adopts the euro
The Mediterranean island of Cyprus has now entered the euro, bringing the overall number of countries that use the currency to 15.
Although Cyprus is a relatively small nation, it will still have the same voting rights as its counterparts in the European Central Bank.
This means that the island will have greater international influence as it will play a part in shaping the body's financial policy.
Joaquin Almunia, the European commissioner for economic monetary affairs, described the move as an "historic" event for Cyprus.
He commented: "The euro is a strong and stable currency which has brought most of the 13 countries that already share it their lowest inflation for at least five decades and very favourable interest rates."
However, he stated that in order for Cyprus to reap the full benefits of monetary union, it needed to be committed to having sound public finances and structural reforms.
The island's entry into the euro comes four years after it became a member of the European Union.
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