Cyprus 'will be at the heart of Europe'
Cyprus's entry into the euro will place it at the centre of the EU, according to the president of the European commission.
Jose Manuel Barroso stated that the island's adoption of the single currency on New Year's Day marked a new chapter in its history.
He predicted that euro membership would bring with it a number of positive consequences, such as increased investment from other countries.
Mr Barroso commented: "The solid credibility brought by the euro should give a healthy boost to foreign direct investment."
In addition, he said the removal of exchange rate risks and transaction costs would make Cyprus a more attractive trading partner.
He added that its accession to the eurozone would also give it greater influence in Europe and its financial institutions.
The island's entry into the euro comes four years after it became a member of the EU.
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