Euro Rate to be Set Today

Cypriot Minister of Finance Michalis Sarris has left for Brussels to participate in Tuesday`s ECOFIN, which will fix the irrevocable exchange rate of the Cyprus pound against the euro. The decision on the conversion rates must be taken by unanimity of the euro area member states plus the member states concerned – on a proposal from the Commission.

Sarris has said that as soon as the irrevocable exchange rate of the Cyprus pound against the euro is fixed, the government will begin a campaign to inform public opinion about the introduction of the euro, on 1st January 2008. The dual display of prices in Cyprus will officially start on September 1.

EU Finance Ministers will be briefed about the priorities of the Portuguese Presidency on issues of financial policy. They will also discuss the evaluation of Austria`s revised stability programme and the Czech Republic`s revised convergence programme. They will be briefed on the course of Hungary being removed from the excessive deficit process and will exchange views on the better functioning of the Stability and Growth Pact and the funding of the Galileo programme.