Single currency now used in 15 countries as Cyprus and Malta join the eurozone

Euro banknotes and coins have been circulating in Cyprus and Malta since 1 January, at rates of €1 to 0.585274 Cyprus pounds and 0.429300 Maltese lira.
The changeover took place smoothly. By 2 January about €150m had been withdrawn from banks and cash dispensers, and around 40% of people in Malta and Cyprus had only or mostly euro cash in their wallets and purses. Cyprus pounds and Maltese lira can still be used until 31 January, in parallel with the euro.
President Barroso congratulated both countries on their excellent preparations for eurozone membership.
He emphasised that European businesses, citizens and consumers have all benefited from the euro: "The euro is a strong and stable currency. Along with the economic reforms the EU and Member States have undertaken, it is a reason why the European economy is still growing despite some difficult challenges caused by high energy and commodity prices".
Cyprus and Malta have both made economic changes since they joined the EU in 2004, significantly reducing their budget deficit and public debt and meeting the inflation and interest rate criteria for joining the eurozone.
Despite increasing support for the euro in Cyprus and Malta, opinion polls still indicate concerns that the introduction of the new currency could lead to price rises, mainly as a result of traders rounding up their prices when converting them into euros. So far, only a few cases of undue price increases have been reported. Several preventive measures have been put in place: there are fair-pricing schemes in both countries as well as measures to monitor the dual display of prices.
President Barroso and economy and finance commissioner Joaquín Almunia will take part in celebrations marking the introduction of the euro in the Maltese capital Valetta (12 January) and the Cypriot capital Nicosia (18 January).

Happy New Year!

Dear all,

I hope you had a wonderful time during your Christmas holiday!

I haven't made any postings, as you can see, for the last two weeks, since I felt the need to relax and recharge my batteries spending my holiday with my family and touring all playgrounds of Thessaloniki with my kids!

There will be new postings, of course, so don't forget to visit the blog regularly.

I 'll see you next Monday!

Have a nice day and a nice week!

United Nations Climate Change Conference 2007

A lot of things have been heard about the UN Climate Change Conference which was held in Bali the other day. The truth is that after endless negotiations there was a consensus on certain protective measures, but not all nations were actually committed to following them...

For more information you may visit http://ec.europa.eu/environment/climat/bali_07.htm.

Anyway, according to the lyrics of a famous song, we can't go on pretending day by day that someone, somewhere will soon make a change...

Treaty of Lisbon

Europe is not the same place it was 50 years ago, and nor is the rest of the world.
In a constantly changing, ever more interconnected world, Europe is grappling with new issues: globalisation, demographic shifts, climate change, the need for sustainable energy sources and new security threats. These are the challenges facing Europe in the 21st century.
Borders count for very little in the light of these challenges. The EU countries cannot meet them alone. But acting as one, Europe can deliver results and respond to the concerns of the public. For this, Europe needs to modernise. The EU has recently expanded from 15 to 27 members; it needs effective, coherent tools so it can function properly and respond to the rapid changes in the world. That means rethinking some of the ground rules for working together.
The treaty signed in Lisbon on 13 December 2007 sets out to do just that. When European leaders reached agreement on the new rules, they were thinking of the political, economic and social changes going on, and the need to live up to the hopes and expectations of the European public. The Treaty of Lisbon will define what the EU can and cannot do, and what means it can use. It will alter the structure of the EU’s institutions and how they work. As a result, the EU will be more democratic and its core values will be better served.
This new treaty is the result of negotiations between EU member countries in an intergovernmental conference, in which the Commission and Parliament were also involved. The treaty will not apply until and unless it is ratified by each of the EU’s 27 members. It is up to each country to choose the procedure for ratification, in line with its own national constitution.
The target date for ratification set by member governments is 1 January 2009 – some months before the elections to the European Parliament.

Have a Merry Christmas and may the spirit of love touch the hearts of all people...