Malta to apply for euro membership next month |
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Published
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Wed, 21 Feb 2007 18:29
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VALETTA - Malta will apply 'early March' to adopt the euro on Jan 1 2008, the government announced.'The government is confident that in view of the fiscal consolidation and economic progress which our country has registered, we meet all fiscal and economic credentials required to join the euro zone as planned,' said Parliamentary Secretary for Finance, Tonio Fenech.Fenech, speaking at a meeting about the euro changeover, said that Malta was on track to meet targets for the public deficit and debt, but that inflation was the main challenge.'However, trends have followed earlier predictions and we are today more able to assess the likelihood of achieving and sustaining this target,' he added.'We have now met this target a couple of months ago and expect to remain under the inflation rate criterion in the foreseeable future.'He said the application to join the euro zone would be made in 'early March.'Once Malta has lodged its application, the European Commission and the European Central Bank will then assess whether the country meets strict macroeconomic targets on public finances, inflation, interest and exchange rates.If the island makes the grade and other EU countries approve, it could join the European currency club in 2008.Cyprus is also expected to apply to join the euro in the coming months.newsdesk@afxnews.comafp/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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ECOFIN Malta's Gonzi says 'quite confident' of 2008 euro entry 