Two Mediterranean island states, Cyprus and Malta, have begun using the euro, joining 13 other countries. The countries' leaders made symbolic withdrawals of euros from cash machines just minutes into the New Year.
Major bank branches opened for a few hours in Cyprus despite the New Year holiday. The Maltese celebrated the euro's arrival with fireworks.
Cyprus and Malta have added just 1.2 million people to the number of Europeans using the single currency. But they will have equal voting rights with the other 13 eurozone members at the European Central Bank.
Benefits in joining the Euro zone
Malta is already enjoying a tourism boom, with double-digit growth expected this year, largely due to the arrival of low-cost airlines. But it is also planning to become a magnet for hi-tech investment. Several pharmaceutical companies have established research centres in Malta to develop generic copies of patented drugs. And the German airline Lufthansa signed an agreement in 2007 for Malta to maintain and overhaul its planes.
The Finance Minister, Michalis Sarris, has said the euro will benefit consumers and businesses alike because of the eurozone's low inflation, low interest rates and large market.
Major bank branches opened for a few hours in Cyprus despite the New Year holiday. The Maltese celebrated the euro's arrival with fireworks.
Cyprus and Malta have added just 1.2 million people to the number of Europeans using the single currency. But they will have equal voting rights with the other 13 eurozone members at the European Central Bank.
Benefits in joining the Euro zone
Malta is already enjoying a tourism boom, with double-digit growth expected this year, largely due to the arrival of low-cost airlines. But it is also planning to become a magnet for hi-tech investment. Several pharmaceutical companies have established research centres in Malta to develop generic copies of patented drugs. And the German airline Lufthansa signed an agreement in 2007 for Malta to maintain and overhaul its planes.
The Finance Minister, Michalis Sarris, has said the euro will benefit consumers and businesses alike because of the eurozone's low inflation, low interest rates and large market.
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