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Cyprus Property Investment News
Cyprus approved for eurozone
Brits looking to buy property in Cyprus have received good news, with the European Commission proposing that the island adopts the euro in January 2008.
The benefits of membership of the eurozone are numerous; interest rates have historically remained low among members, job creation is enhanced, tourism is boosted and trade increases due to lower business costs and improved international appeal.
The success of the housing markets in emerging eastern European nations has confirmed the advantages of the single European currency and Cypriot officials will be desperately hoping that EU finance ministers sanction their adoption of the euro when the final decision is taken in July.
Joaquin Almunia, European commissioner for economic and monetary affairs, confirmed that Cyprus has satisfied all the necessary criteria for membership of the eurozone: "Cyprus has achieved a high degree of economic convergence with the euro area and is ready to adopt the euro in January 2008."
He added: "However, in order to ensure that euro adoption will be a truly successful story, Cyprus must continue to implement stability-oriented policies in order to safeguard its external competitiveness.
"In addition, Cyprus must also speed up and finalise the crucial practical preparations to ensure that the changeover takes place smoothly, as was the case in Slovenia at the beginning of the year."
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