Joaquín Almunia, European Commissioner for Economic and Monetary Affairs, remarked:
"Today with the adoption of the euro, Cyprus and Malta have become even more integrated in the heart of the European Union, less than four years after they joined the EU. This is thanks to the stability-orientated economic policies pursued by both countries, which I hope will continue after they adopted the euro. I encourage the Cypriots and the Maltese to embrace our shared currency with confidence because they are entering a monetary union that has proven its worth in terms of price stability and low interest rates."
With inflation beginning to rear its ugly head in some of the Meditteranean EU members and economies which have become severely over-heated (e.g. Spain), things are not quite so rosy for some of the existing countries which use the Euro, though. Nevertheless I expect the change will make life easier for both Cypriots and Maltese and for those visiting the two countries, specially from other countries within the currency union.