“Euro adoption in Cyprus and Malta is proceeding rapidly. This shows that there has been a good preparation on the part of the respective governments and the competent authorities”. This was the remark of the European Commissioner for Economic and Monetary affairs Joaquín Almunia, a week after the two Countries’ entry in Euroland. Past January 1st in fact, Cyprus and Malta adopted the Euro as their national currency, thus replacing the Cypriot sterling and the Maltese lira and bringing the Eurozone Countries to 15. Mr. Almunia affirmed that “it’s crucial now for the two States to continue implementing virtuous fiscal and monetary policies which will allow to fully benefit from economic and monetary union”. The passage to the Euro in Cyprus and Malta is considered “a success” by analysts. The adoption of the European currency seems to proceed smoothly in all transactions. Since January 5th – is stated in a communiqué by the European Commission – “3 out 4 cash payments in stores were in Euros. There were some lines in the banks in the past few days, however the situation is gradually getting back to normal”. There have been just a few “accidents” during price-conversions: a few unjustified increases in parking fees, movie tickets and medical bills. “Authorities are inquiring into the matter – continues the report – and if necessary they will ask the reponsibles to resume the pre-Euro prices.” Consumers are advised to be careful and report unjustified price increases.
