An historical day as both Cyprus and Malta join the euro area
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- Central Bank pays remainder of its subscription to the ECB
- New law on detection and removal of counterfeit and damaged banknotes from circulation
- Consultative paper on euro banknote recycling
- Open day on the occasion of the anniversaries of the CBM, ESCB, ECB and Eurosystem
- Central Bank of Malta reduces the central intervention rate
- EU tax levels remain relatively high compared to the rest of the world
- BOV Changes its Bank Base Rate in line with Central Bank
- Retail trade volume down 0.5% in euro area, up 0.3% in EU27
- Industrial producer prices down by 0.2% in both euro area and EU27
- Amendments to the minimum reserve requirements for banks
- Euro area and EU27 government deficit at 0.6% and 0.9% of GDP - debt at 66.3% and 58.7%
- Euro area unemployment stable at 7.1% - EU27 down to 6.7%
- Volume of retail trade down by 0.4% in euro area, up by 0.1% in EU27
- Central Bank services during the euro changeover period
- Euro area and EU27 GDP up by 0.7% in first quarter, Malta up by 1.7%
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The euro has now been introduced in both Cyprus and Malta. The number of EU Member States that use the single European currency has now increased to fifteen. The European Central Bank (ECB) said it welcomes this further enlargement of the euro area.
As a result of the adoption of the euro by Cyprus and Malta, the Central Bank of Cyprus and the Central Bank of Malta are now full members of the Eurosystem, with the same rights and obligations as the 13 national central banks of the other EU Member States that have adopted the euro. In accordance with Article 49 of the Statute of the European System of Central Banks and of the European Central Bank, the Central Bank of Cyprus and the Central Bank of Malta have paid up the remainder of their contributions to the capital of the ECB and have also transferred to the ECB their contributions to the foreign reserve assets of the ECB.
The integration of the Cypriot and Maltese monetary financial institutions (MFIs) into the euro area banking system on 1 January 2008 was already taken into account in the publication of the euro area liquidity needs and in the benchmark allotment on 27 and 28 December 2007. The Cypriot and Maltese counterparties of the Eurosystem will be able to participate in the Eurosystem's main refinancing operations for the first time on 3 January 2008.
The lists of MFIs located in Cyprus and Malta that are subject to reserve requirements are published on the ECB's website, as are the lists of the MFIs located in other EU Member States that have adopted the euro. The lists of assets located in Cyprus and Malta that are eligible as collateral for the credit operations of the Eurosystem are also available on the ECB's website. www.ecb.europa.eu.
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