The country is prepared to take advantage of all the benefits euro adoption will bring about, and this new currency will be beneficial for consumers and businesses alike, said parliamentary secretary for small businesses and the self-employed Edwin Vassallo.

Speaking during News Desk, a programme on Radio 101, Mr Vassallo said euro adoption will be a change for the better and everyone is bound to enjoy its benefits.

He explained the euro is a strong currency and its value is the responsibility of the European Central Bank, so nobody can fiddle around with it.

The euro will reduce costs for those who export and import, so trade will be enhanced. Likewise tourists coming towards Malta will be encouraged as a result of the single currency, said Mr Vassallo.

Malta is undergoing all necessary preparations leading to euro adoption and it has been praised by the European Commission in this regard, he said.

Mr Vassallo also referred to the agreement that has been reached with the Malta Chamber of Small and Medium Enterprises (GRTU), which represents shop owners, as regards a joint effort against abuse.

Together with the introduction of the Fair-pricing Agreements In Retailing (Fair) scheme, which is intended to increase consumer confidence, adoption of the euro is set to be beneficial for consumers and businesses alike, said Mr Vassallo.