Papademos on euro adoption in Malta and Cyprus
In this speech, Lucas Papademos, the vice-president of the European Central Bank, discusses the adoption of the euro in Malta and Cyprus. The two island economies will adopt the euro on 1 January 2008.
Papdemos describes the adoption of the single currency as "a momentous decision in the history of both countries."
"Both countries have taken an irreversible step towards deeper economic integration with the euro area," Papademos said, adding, "They are now part of what could be called a 'community with a common destiny.'"
Papademos added that it was "encouraging to see the positive outcome of several 'price watching' movements in Cyprus and Malta", which aim to ensure that prices are not adjusted in an inappropriate manner after the change-over.
Read this speech here.
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