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Cyprus and Malta set to join eurozone in 2008

Friday 18 May 2007

The EU has given Cyprus and Malta a green light to join the common currency, enlarging the eurozone to 15 members. On 16 May 2007, the Commission, backed by the European Central Bank (ECB) proposed to enlarge the eurozone, admitting Cyprus and Malta in 2008. The two countries managed to meet the necessary Maastricht requirements, concerning budget deficit, currency stability and interest-rate convergence.

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