Press Release: Changeover to the euro in Cyprus and Malta

The vast majority of the population in Cyprus and in Malta, 95% and 90% respectively, consider the changeover to the euro in their country to have been smooth and efficient. Vigilance by the authorities on price conversions kept both prices themselves, and public perceptions of price rises, in check – even against a background of rising inflation due to increasing energy and food prices, which has affected Cyprus and Malta as well as the rest of the euro area and the world. The impact of the changeover itself on inflation is estimated at between 0.2 and 0.3 percentage points, much the same as in previous changeovers. The introduction of the euro in Cyprus and Malta also provided a number of useful lessons for future changeovers: there should be a simplified procedure to allow small businesses to get cash ahead of €-day, coin production should take account of demand from collectors abroad and, as is already clear from past experience, a comprehensive information campaign to boost consumer confidence is absolutely essential.