European Commission Proposes Euro for Cyprus and Malta Next Year

The European Commission is proposing that Cyprus and Malta adopt the euro on January 1, 2008, echoing a European Central Bank Convergence Report that reached the same conclusion.  The reports and legal proposals formally adopted yesterday are essential steps for each country's bid to enter the euro area.  EU Finance Ministers will reach a final decision in July after consultation with the European Parliament and a discussion by European leaders at the June EU Summit.

With the accession of the two island nations, the number of EU countries using the common currency will grow to 15.  Current EU Member States in the euro area are Austria, Belgium, Germany, Greece, Finland, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, and Spain.  Euro banknotes and coins have been in circulation since January 1, 2002 and are now a part of daily life for 315 million Europeans living in the euro area.

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