Central Banking

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

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