Introduction of the Euro in Cyprus: statement by Joaquín Almunia

Type: Report   Reference: I-056034   Duration: 10:02:20  Lieu:
End production: 26/12/2007   First transmission: 26/12/2007
Just a few days before Cyprus and Malta joined the Euro area on 1 January 2008, Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, made a statement about Cyprus in its path to the Euro.

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10:02:15 Title 00:00:04
10:02:20 Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, (in SPANISH) saying that 1 January 2008 is a historical day for Cyprus; less than 4 years before, in May 2004, Cyprus became Member of the EU; in a few days, Cyprus will be a Member of the heart of the EU which is the Euro area, the Economic and monetary Union; it will need some efforts, a good economic policy, a policy of reforms to preserve the macroeconomic balances of the Cypriot economy to achieve this; new opportunities are open that complete the presence of Cyprus as a full Member of the EU; the Euro area is an area with price stability, with low interest rates, with protection through a unique coin face to the risks, to the changes which can come from the exterior; it is an opportunity to increase the opportunities of the markets, the investments, to give more possibilities of growth and welfare to the Cypriot economy and to its society, to the citizens of Cyprus; but these benefits from the Euro have also a counterpart; in order to get all the benefits from the Euro it is necessary to continue with serious and rigorous policies; and, during these days, a special vigilance is also needed from the authorities, citizens, businessmen, consumer associations, in order to avoid non justified increases of prizes, and then to take policies which allow to obtain the maximum of benefits of this currency, one of the most important instruments that we have in Europe to have a better future 00:02:14
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