European Union Commissioner for economic and monetary affairs Joaquin Almunia is to propose Malta’s entry into the eurozone at this week’s Commission meeting.

Almunia’s suggestion was discussed on Thursday at a special meeting of EU technocrats and senior officials met on Friday to prepare next Wednesday’s meeting in Brussels.

The Commission draft proposal to the EU finance ministers points out that Malta and Cyprus fulfil the criteria relating to fiscal deficit, public debt, inflation, long-term interest rates and a two-year stay in ERM.

The European Central Bank will also submit a proposal on Malta and Cyprus’ entry into the eurozone and both documents will be presented to the finance ministers on 5 June and then for a political decision on the matter at the EU summit on 21-22 June.