German Finance Minister Hans Eichel has announced Germany's readiness to assist Cyprus in overcoming any problems which may arise from the island's re-unification, the Financial Mirror reported last week.
Praising Cyprus's economic record, Eichel said that he will be urging Germans to invest in the island, and pledged German assistance in helping the island's transition to the EMU (Economic and Monetary Union).
The Finance Minister also noted the key strategic location of Cyprus in terms of its proximity to the Middle East and southern Russia. "These countries which are closest to the region can help us better understand developments in the Middle East and they are best placed to help us formulate these policies and this is a big asset for the EU," Eichel observed.
"We also talked about EMU and economic issues after Cyprus' accession," the Financial Mirror quoted Eichel as revealing. He added that "an early entry of Cyprus into the EMU would not cause major problems, Cyprus has to reflect on the loss of flexibility from accession and how much additional flexibility it will gain through measures relating to the labour market, price setting mechanisms, etc."
The German Finance Minister suggested that Cyprus will be a net contributor to the EU by 2007.
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