The Nationalist Party youth movement (MZPN) has welcomed the government’s decision to submit its formal application to adopt the euro by January next year, saying this showed that the country’s economy was growing rapidly.

In a statement, MZPN said this was another important step following EU membership.

Malta was already benefiting from EU funding amounting to 855 million euros and joining the eurozone would mean that the country would be achieving further success from EU membership, said MZPN.

A European Commission report published earlier this month bore witness to the fact that the country was well-prepared to adopt the euro, it said.