Cyprus has officially requested admission to the monetary union starting January 1, 2008. This was confirmed in Brussels by the European Commission, and a decision is likely to be made in June of this year. The Commission and the European Central Bank must verify by then whether Cyprus meets all the criteria from the Stability and Growth Pact regarding interest rates, inflation, exchange rates, and government budget deficits.
The euro is a means of payment in 13 member states of the community. Slovenia, as the last member of the monetary union, adopted the common currency at the beginning of this year, reports Deutsche Welle.
