Euro, a new chapter in Malta's history - Barroso

The arrival of the euro marks a new chapter in Malta's history, bringing the country to the heart of the EU, according to European Commission president Jose Manuel Barroso.

In his message in a commemorative publication, €-Day, marking the introduction of the euro, distributed with The Sunday Times today, Mr Barroso said Malta had joined a world class currency and a powerful economic area. Mr Barroso said the economic benefits of the euro for Malta were substantial. On a more European level, the euro, he said, was a symbol of Europe's common identity, shared values, and the success of European integration.

European Central Bank president Jean Claude Trichet said that EU membership and euro adoption should not mark the end of Malta's reform process; rather it should continue the process to reap the benefits of euro adoption and ensure sustainable convergence.

The EU's Economic and Monetary Affairs Commissioner, Joaquin Almunia said that the Maltese should be proud of their achievements over the years. Malta now needed to pursue fiscal consolidation to anchor its public finances sustainably, he said.

Malta's adoption of the euro and its accession to the Schengen area placed the island on the front row. European Parliament president Hans-Gert Pottering said the single currency would serve Malta well, especially its growing financial services sector, IT and tourism.