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Cyprus & Malta adopts Euro

04 Jan '08
4 min read

The local authorities also reported some queues at banks and cash dispensers in Cyprus and Malta as people were eager to exchange national cash into euro and to withdraw euro cash on the first days after the changeover.

In both countries, the dual circulation period for people to use both new and old currencies will last until 31 January 2008.

Euro brings higher prices?
Prior to adopting the euro in Cyprus and Malta, EU officials called on the authorities in both countries to make sure the switchover was not exploited by speculators ready to raise prices and blame it on the new currency.

The early survey shows that there were some incidences of this already, with some price hikes recorded in car parks in Malta.

In comparison, the 2007 switchover to the euro in Slovenia was followed by higher prices for some services, such as restaurants and cafes.

Meanwhile, figures late last year indicated a significant rise in overall consumer price inflation in the ex-Yugoslav country, with the commission predicting an average level of 3.5 percent in 2007 and 3.7 percent in 2008, compared to 2.5 percent in 2006.

The jump in prices sparked fears over possible negative consequences for the public image of the single European currency and its impact. It also prompted EU officials to say they would consider this aspect more strictly when evaluating future candidates to join the eurozone.

After Slovenia, Cyprus and Malta's euro moves, Slovakia is the next in line of the 10-strong group that entered the EU in 2004 to join the single currency. It is aiming to adopt the euro on 1 January 2009.

The EU executive and the European Central Bank are due to assess Slovakia's readiness to join the euro club in May, with the Slovak government openly optimistic about its prospects for fulfilling the criteria.

But it is precisely predictions about future inflation rates that are causing some concerns in Bratislava, with Brussels urging more action on fiscal policy grounds to prevent price hikes following the currency changeover.

EUobserver

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