Malta's Commission President, José-Manuel Barroso, said in a statement earlier this week:

"This is another proud day in Malta's proud history. A day in which it took its place at the heart of the European Union. The euro is a strong and stable currency.

Joaquín Almunia, European Commissioner for Economic and Monetary Affairs has also spoken out, adding:

"The adoption of the euro is a historic event for Malta less than four years after you became a member of the European Union. This achievement has become possible thanks to Malta's stability-oriented economic policies. Please stay on the right path!

"I want to congratulate the Maltese authorities and all who have contributed to what are very comprehensive practical preparations."

During the dual circulation period running until 31 January 2008, the Maltese lira will continue to be legal tender in parallel with the euro.

It is however expected that already in a couple of days the cash changeover will be completed and virtually all cash transactions will be carried out in euro.

This procedure will also be carried out in Cyprus, where similar reports of a smooth changeover have emerged.

Speaking on behalf of Cyprus, Mr. Barroso continued by stating:

"This is an exciting moment for Cyprus and for Europe. Cyprus has adopted a strong and stable currency which is helping Europe to withstand global financial instability and high energy and commodity prices.

"The euro, accompanied by the right economic policies, helps create growth and jobs and keep inflation within limits. Cyprus is now more than ever a proud and independent island. It has cemented its place at the heart of the EU, increased its economic potential and influence and made it easier for its businesses to trade and its people to travel," he said.

Mr. Almunia also added:

ith the adoption of the euro, Cyprus has become even more integrated in the heart of the European Union, less than four years after it joined the EU.

"This is thanks to the stability-orientated economic policies pursued by Cyprus, which I hope will continue after it adopts the euro. I encourage the Cypriot people to embrace our shared currency with confidence because they are entering a monetary union that has proven its worth in terms of price stability and low interest rates."

President Barroso and Commissioner Almunia will be in the Maltese capital Valetta on 12 January and later at the Cypriot capital Nicosia on 18 January for a ceremony to celebrate the adoption of the euro.