2007-05-16
Convergence Report (May 2007) published by the European Central Bank (ECB) presents the progress made by Cyprus and Malta in performing their obligations to participate in the Economic and Monetary Union (EMU), which uses the single currency euro.
On the request of the authorities of Cyprus and Malta, the European Commission (EC) published convergence reports of these two countries today. According to its assessment, both countries comply with the conditions for the adoption of the euro, and the EC will propose to adopt the euro in these countries from 1 January 2008.