Cyprus joins single currency

Wednesday January 2nd , 2008

Cyprus has become a full member of the single European currency as of January 1st.

The Mediterranean island joined the euro on New Year's Day alongside Malta, taking the overall number of countries in the eurozone to 15.

Despite its relatively small size when compared with other members of the European Central Bank, the country will have the same voting rights as its counterparts.

This means that Cyprus will be able to play a part in influencing financial policy across the continent.

Commenting on the move, European commissioner for economic monetary affairs Joaquin Almunia said: "The adoption of the euro is a historic event for Cyprus."

He added that the euro was a strong and stable currency that had resulted in most members seeing their lowest levels of inflation in decades, as well as favourable exchange rates.

Cyprus' adoption of the euro comes almost four years after its accession to the European Union.