Cyprus in the Eurozone

The accession of Cyprus to the euro area on 1 January 2008 is proposed by the Commissioner for Monetary Affairs H. Almunia

The accession of Cyprus to the euro area on 1 January 2008 will be proposed on 16 May by the Commissioner for Monetary Affairs, Joaquin Almunia. The relevant proposal of the Community Commissioner will emphasize that Cyprus meets the criteria of public deficit, public debt, inflation, long-term interest rates and the stay of the Cypriot pound for two years in the Exchange Rate Mechanism. and Monetary Union will be done by the European Central Bank. These two proposals will be considered by the EU Council of Economy Ministers in Luxembourg on 5 June and will then be submitted for a political decision to the EU Summit (21-22 June).