Malta and Cyprus Adopt Euro

Malta and Cyprus welcomed the new year yesterday with the adoption of the euro as their new currency.

"The euro is a strong and stable currency," said European Commission President José Manuel Barroso. "Along with the economic reforms the EU and Member States have undertaken, it is a reason why the European economy is still growing despite some difficult challenges caused by high energy and commodity prices. The euro, accompanied by the right economic policies, helps create growth and jobs and keep inflation within limits."

With the adoption of the euro in Cyprus and Malta less than four years after they joined the European Union, the euro area now comprises 15 out of 27 EU countries and includes a population of 320 million out of the EU's total of 495 million. Since its introduction just nine years ago, the euro has firmly established itself as a major international currency.

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