The Cypriot government is to apply to enter the European Union’s Economic and Monetary Union (EMU) early next year, said Greek Cypriot Finance Minister Michalakis Sarris, according to the official Cyprus News Agency.

Sarris said that in its application, Cyprus plans to state its reasons for deeming it is ready to join the euro, which will be assessed by the competent organs in the European Commission by next June and, if it is stated to be competent, will be ratified by the European Council to be followed by the irrevocable fixing of the Cyprus pound to the euro.

Sarris added that the reason why his country will apply at that specific time to join the euro is because the Greek Cypriot Government will apply along with Malta, in case the latter fulfils the Maastricht criterion on inflation.

“In case Malta will not be ready, Cyprus will proceed with its own application because we fulfil the Maastricht indicators for our entry to the Eurozone,” he said.

After joining the EU, Cyprus joined the Exchange Rate Mechanism II on 2 May 2005, while the Council of Ministers adopted 1 January 2008 as the target date for the introduction of the euro.