Cyprus and Malta: two islands, one currency

On 1 January 2008 the citizens of Cyprus and Malta woke up to a new year and a new currency as their adoption of the euro became a reality. Thanks to the extensive practical preparations beforehand – which drew heavily on past experiences in other euro area Member States – Cypriot and Maltese citizens, businesses and authorities were well prepared, and well informed about the details of the changeover. In this issue of EEN are two invited contributions – from the Minister of Finance of the Republic of Cyprus, Michael Sarris; and from the Prime Minister and Minister of Finance of Malta, Lawrence Gonzi – who share their countries’ experiences on the preparations for Economic and Monetary Union and the challenges and opportunities it offers for the future.