Cyprus applies to join the Euro

Cyprus today applied to join Europe’s common currency, the euro, the European Commission confirmed.

“Cyprus has indeed sent in a request for us to look at whether they are ready to join the euro-zone,” said EU spokeswoman Amelia Torres in Brussels.

She said the European Commission and the European Central Bank would report on whether Cyprus met rules for euro economies by mid-May. A final decision could be made in June, she said.

Nicosia said it fully met euro standards, since its inflation – at 2.2% in 2006 – was close to the euro average.