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Cyprus 'to benefit from euro entry'
European commission president Jose Manuel Barroso has outlined many of the benefits of euro membership to Cyprus.
Speaking after the island's currency changeover, he said the euro was a "world-class" currency used by 320 million people.
He added that the move would help boost its economy in a number of ways, such as making a more attractive market to foreign businesses.
In addition, Mr Barroso said the island was likely to see the creation of new growth and jobs, as well as low inflation.
He commented: "This momentous step will bring Cyprus to the very heart of the European Union."
Mr Barrosso also stated that the island's membership of the euro would give it a greater say in international financial institutions, allowing it to influence and help set policy across the EU.
Cyprus changed over from the pound to the euro at the beginning of this year, along with Malta.
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