EC president welcomes Cyprus into eurozone

Thursday January 3rd , 2008

The president of the European commission has welcomed Cyprus into the eurozone following its change of currency.

Jose Manuel Barroso stated that its accession was a "momentous" step for the Mediterranean island and one which would see it significantly increase its international standing.

He added that its adoption of the single European currency would also help make Cyprus a more attractive trading partner and boost foreign direct investment.

Mr Barrosso commented: "Cyprus has joined a world class currency and a powerful economic area of nearly 320 million citizens, with an almost 15 per cent share of world GDP."

In addition, he said that people living on the island could travel between different countries without "the hassle" of changing currencies and paying fees when crossing borders.

Both Cyprus and Malta joined the eurozone on New Year's Day, bringing the overall number of members to 15.