In the European Parliament

Meanwhile, in the European Parliament, MEPs voted to support both Cyprus and Malta in adopting the euro next January 1. While Parliament's opinions on euro area enlargement are only advisory, EU leaders could not take the formal decision they without Parliament's approval.

In approving the resolution in favour of Cyprus and Malta entering the euro-zone, the Parliament also adopted a resolution seeking a formal agreement with the Council and Commission to improve the way Parliament is consulted on future euro area enlargements.

For the record, there was overwhelming support for the applications from Cyprus (585 in favour, 14 against, 90 abstentions) and Malta (610 in favour, 12 against, 74 abstentions), MEPs were concerned that the timetable they were being asked to follow in adopting their opinion was too short.

To avoid this happening in future, they adopted - by 552 votes in favour to 37 against and 43 abstentions - a separate resolution urging the Commission and Council to come to a formal inter-institutional agreement with Parliament with a view to ensuring MEPs have at least two months to consider proposals to enlarge the euro area.

They ask that member states announce their intention of making a formal request to adopt the euro by at the latest the autumn of the year before doing so, and to seek early contact with Parliament's Economic and Monetary Affairs Committee. They want the Commission to draw up an interim convergence report by the beginning of the year after this pre-announcement, and that steps are taken to ensure the reliability to statistical data presented by the member states.

Finally, they insist that any excessive deficit procedure concerning a member state should be closed before it is compliance with the convergence criteria is formally assessed.