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EUís Commissioner praises Cyprusí macroeconomic situation
2007-05-31 12:05:55

Nicosia, May 31 – Cyprus’ fulfillment of the economic criteria allowing it to join the euro was a major achievement, European Union Commissioner for the Internal Market and Services Charlie McCreevy has said.

Speaking at a news conference on Wednesday with Finance Minister Michalis Sarris, Mr. McCreevy said the island’s macroeconomic situation should allow Cyprus to enter the eurozone next year.

“This is a major achievement,” he said. “Cyprus has an excellent track record on the transposition and implementation of EU law.”

Mr. McCreevy also said it was obvious that the Cypriot authorities were very open to the EU single market in many areas and he expected that in the area of services. He expected Cyprus to gain a considerable foothold.

Cyprus' transposition deficit is one per cent, one of the lowest within the EU member-states and lower than the target of 1.5 per cent set by the European Union.

''I think Cyprus can be a very good example to lots of other member states and Cyprus is a very committed member of the EU and wants to actively participate in all of its activities,” said Mr. McCreevy.

Mr. Sarris said that the European single market was one of the main reasons why Cyprus joined the European Union.

''We focus on the liberalisation of all markets, including the banks market, and capital and labour markets. All these have great importance for a small island,'' he added.

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