Cyprus launches campaign for euro introduction

Cyprus will launch a campaign as of this weekend for the introduction of euro as part of intensified preparations to enter the euro zone next year, government officials announced here on Tuesday.

The campaign is aimed at arousing awareness of the public regarding the euro and the changes and benefits it will bring.

Cypriot Finance Minister Michalis Sarris told reporters that Cyprus' successful accession to the euro zone is based on two main pillars.

"The first pillar concerns the preparation of the Cypriot economy in order to fulfill the Maastricht criteria, and the second deals with the successful information campaign for the citizens," he said.

An advertising company has been assigned to run the campaign. Special consideration will be given to vulnerable groups, such as small businesses, people living in rural areas, retired and elderly people, foreigners residing in Cyprus.

The aim is to prepare the Cypriot society as a whole in order to achieve a smooth transition to the euro, said Governor of the Central Bank of Cyprus Christodoulos Christodoulou.

The Republic of Cyprus became an EU member in May 2004. The Cypriot government has formally applied to join the euro zone on Jan. 1, 2008.

EU institutions are expected to assess the island's economy in March and April before the European Council decides on this issue in June this year.

2007-03-07