Eurogroup Finance Ministers decided unanimously in Luxembourg on Monday to suggest to ECOFIN the accession of Cyprus and Malta to the Eurozone as of January 1, 2008. Chairman of Eurogroup and Luxembourg’s Prime Minister Jean-Claude Juncker, told reporters after the meeting which preceded the ECOFIN session that ministers decided to propose Cyprus and Malta’s accession to the eurozone.
He said he had no doubt that European leaders will accept the suggestion for the two countries’ accession on 1st of January 2008, adding that Cyprus and Malta will be invited to take part in the Eurozone ministers’ meeting in September.
On his part, EU Commissioner for economic and monetary affairs Joaquin Almunia described the decision as “very easy” because, as he said, both countries fulfilled the criteria and had a positive suggestion by the European Commission and the European Central Bank.
The Eurogroup ministers’ decision will take an official form today at the Council of the European Union – Economic and Financial Affairs (ECOFIN) meeting which, in turn, will make a suggestion to the European Council meeting of June 21-22 to take the political decision. In July, ECOFIN’s Council of Ministers will ratify the accession of the two countries in the Eurozone, simultaneously locking Cyprus and Malta’s currency against the Euro.
Source: Financial Mirror
