The German EU Presidency reaffirmed that the decision regarding the Republic of Cyprus’ accession to the Eurozone will be based on the same criteria that had been applied to all countries.
A written statement by the German Presidency said ''the Presidency advocates that the decision whether the Euro can be introduced in Cyprus will be based exclusively on the criteria laid down in the EC Treaty, as it was the case with all previous demands of countries requesting to join the Eurozone”.
Germany’s Minister of Finance Peer Steinbrueck had reportedly said that Cyprus' accession to the Eurozone might have political repercussions and thus should be discussed on a political level. Cyprus expects to enter the Eurozone on 1st January 2008.
Source: Financial Mirror
