Cyprus' Euro Membership Is 'Momentous'

Cyprus' Euro Membership is 'Momentous'

Article Date : 03 January 2008
News Section: Cyprus

European commission president Jose Manuel Barroso has outlined the significance of Cyprus' entry into the eurozone.

Commenting after the currency changeover, he said the island had taken a "momentous step" and taken its place at the "very heart" of the EU.

Mr Barroso added that Cyprus would be able to reap a number of economic benefits as a result of fiscal integration, such as low inflation and interest rates.

Furthermore, he said other members of the eurozone may find it a more attractive trading partner due to the removal of transaction costs and exchange rate risks.

He 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."

Mr Barroso also stated that the island would be able to exert greater influence over the direction of EU economic policy.

Shortly before the currency changeover, the Telegraph predicted that entering the euro would trigger a property boom across the country.

The newspaper said prices were likely to rise by about a third this year.

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Article created on behalf of Propertyshowrooms.com News Desk (http://www.propertyshowrooms.com/news/)

Cyprus' Euro Membership is 'Momentous'

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