Cyprus and Malta adopt the Euro

Today at midnight, the Republic of Cyprus and the Republic of Malta, both small island states in the Mediterranean and former British colonies, adopted the euro as their official currency; less than four years after their accession to the European Union.

Because Cyprus and Malta are in different time zones, Cyprus adopted the euro one hour before Malta did the same. In both countries the euro was welcomed with outdoor celebrations, including a fireworks display in Malta’s capital Valletta.

According to the BBC Cypriot Finance Minister Michalis Sarris has said the euro “will benefit consumers and businesses alike because of the eurozone’s low inflation, low interest rates and large market.”

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