EU commissioner 'delighted' with Cyprus' acceptance of the euro
The EU commissioner for internal market and services has said he is "delighted" that Cyprus has met the criteria for the adoption of the euro as its currency.
Speaking at a meeting of the Cyprus Chamber of Commerce, Charlie McCreevy told delegates that the euro acceptance reflects the country's strong economic performance, which has made it increasingly attractive to investors.
Describing the introduction of the euro as a "major success story", the commissioner explained that the currency has broken down trade barriers and would further improve the Cypriot economy.
"I am delighted to see that even more of Europe's businesses and citizens will be able enjoy the full benefits of greater competition and price transparency which the Euro brings," remarked Mr McCreevy.
"This is testament to your hard work and strong economic performance, notably in controlling inflation and public borrowing," he added.
Cyprus will adopt the euro on January 1st 2008, providing it continues its current progress in converging the Cypriot pound with the euro.
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