The introduction of the euro as the new currency in Cyprus and Malta "is going on smoothly and with no major problem". This was disclosed by the European Commission, in charge of monitoring the "changeover" from the old domestic currencies to the single currency in the two Mediterranean islands, which, as EU member states, have been allowed to move on to the EU currency at the beginning of 2008. On January 2nd, the first day shops and banks reopened after the holidays, "a substantial number of cash transactions were made in euros in both countries" and "approximately 40% of the population stated they only or mainly have banknotes or coins in euros in their purses and wallets". The EU Commission shows figures about the high number of retail transactions that have been made in the shops or banks in the new currency, which will slowly replace the Cypriot pound and the Maltese lira. In addition, few unjustified price rises have been reported.
