Announced in a statement Friday night from Bruxelles, Cyprus officially
joined the ERM II which is considered prerequisite for joining the Economic and
Monetary Union (EMU). The Cyprus News Agency writes that in a joint
statement with the European Union Ministers, Cyprus President Tassos
Papadopoulos welcomed the inclusion of the Cyprus pound to the Exchange Rate
Mechanism II of the European Union. He also stated that work to be able to join
the Eurozone in the future has also begun, initiated by the Ministry of Finance
and the Central Bank. With their focus on joining the Euro, the strategy will
now include a plan to continue to reduce fiscal deficit and public debt and
boost the Cyprus economy’s rate of growth.
Source - Cyprus News Agency April 30, 2005
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