» Home    » Cyprus Timeline    » Contact Us    » Links

Embassy News

Cyprus welcomes EU decision on EMU accession
2007-05-17 12:29:01

Nicosia, May 16 - Cyprus President Tassos Papadopoulos has welcomed the green light given by the European Commission for Cyprus' accession to the European Monetary Union, describing it as ''a very important achievement.''

EU Commissioner for Economic and Monetary Affairs, Joaquin Almunia, announced on Wednesday that he would recommend at next June’s EU Summit and the Finance Ministers Council (ECOFIN) the accession of Cyprus on January 1, 2008.

President Papadopoulos expressed the hope that the EU Summit will endorse the Commission's recommendation.

He then praised the working people for the self-constrain they showed after the island's accession to the EU so that Cyprus can fulfill the Copenhagen criteria and achieve the convergence of Cyprus with the Eurozone. He also noted that the government will reward the working people with a social benefits package which will be announced soon.

''I reiterate my gratitude to all of you for this so important achievement and I note that the sacrifices you made will not go unrewarded. Today we have achieved our second national goal the accession of Cyprus to the Eurozone,'' he concluded.

Printer Friendly Page