As the clock struck midnight on January 1 a decade ago, former prime minister Lawrence Gonzi and former finance minister Tonio Fenech symbolically withdrew the first euro notes from an ATM in Valletta.

Ten years after saying goodbye to the Maltese lira and welcoming the European currency, Mr Fenech said the adoption of the euro was a successful project, adding the economy had benefitted from the smooth transition.

“Looking back, it was a smooth changeover. The European Commission had congratulated Malta as being one of the few countries where people had a positive perception about the adoption of the euro,” he recalled.

It was a good experience for the country

Mr Fenech said both the business community and public had cooperated to ensure a successful adoption. “It was a good experience for the country. I am glad to see that, 10 years on, people feel the euro is their currency,” he remarked.

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The Maltese lira ceased being legal tender at the end of January 31, 2008.

The introduction of the euro came with one minor hitch when Dr Gonzi withdrew the first euros.

When he first used his commemorative Bank of Valletta Platinum card to symbolically register the historic moment, the machine stubbornly kept saying: “technical fault”.