New Years Day Brings the Euro to Malta and Cyprus

On January 1, 2008, the official currency of two island nations, Malta and Cyprus will switch to the Euro, replacing the Maltese Lira and the Cypriot Pound.

Some Maltese are worried that prices will increase when the Euro is officially adapted. After all, they're only 120 kilometers from Sicily and Italy has seen some pretty significant price spikes since the Euro was adapted. A special program called "FAIR" provides "a guarantee that you intend to ensure fairness and transparency in the pricing of your goods and/or services." Businesses subscribing to FAIR will display a blue and green FAIR sign.

The smaller denomination Maltese Euro coins feature the Mnajdra temple altar. See more about Malta's temples in: The Prehistoric Archaeology of Malta.

Cyprus' Central Bank is unabashedly optimistic about the economic advantages of the Euro. "The adoption of the euro will bring considerable benefits for the Cypriot citizen. Price transparency in the single market of the EU facilitates price comparability, fosters competition and leads to lower prices." ~ Euro Introduction