Speaking whilst in Brussels for the Joint Ecofin Council with European Union Finance Ministers, Maltese Finance Minister, John Dalli announced that, should Malta accede to the EU in 2004 as planned, the government wants to join the eurozone by 2005.
Although Malta currently has a budget deficit of 3.1%, and the Stability and Growth Pact lays out a 3% of GDP ceiling for eurozone countries, Mr Dalli predicted that 'it should not be a problem' adhering to the convergence criteria for euro entry. He then went on to stress the advantages for Malta of becoming a eurozone country, and pointed out that the jurisdiction already does a great deal of business with current eurozone members.
Given the deep political divisions in Malta over even becoming a member of the European Union in 2004, however, Mr Dalli might be well advised to refrain from counting his chickens...
Meanwhile, also speaking on Tuesday, Cypriot Finance Minister, Takis Klerides also revealed that Cyprus is keen to join the eurozone as soon as possible after accession to the European body, and stressed the country's commitment to implementing the necessary policies to achieve full convergence with the Maastricht criteria.
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