lucas papademos : adoption of the euro by cyprus and malta speech by mr lucas papademos, vice - president of the european central bank, at the euro festivities marking the decision of the eu council on the adoption of the euro by cyprus and malta, brussels, 10 july 2007. * * * in less than six months from now, the euro will be part of the everyday life as the new currency of the people of cyprus and malta. this is an essential and practical consequence of the decision taken by the ecofin council today. it is a momentous decision in the history of both countries. and it is the culmination point of a process of economic adjustment and technical preparations. on behalf of the entire governing council of the european central bank, i would like to warmly congratulate all those involved in this process, and the people of cyprus and malta, on this accomplishment! the enlargement of the euro area to include these two countries is a significant and joyful event, not just for them, but also for all of us who are already part of the european monetary union. we at the ecb and the eurosystem are particularly pleased to welcome two new members in our central banking “ team ”. the central banks of cyprus and malta will become members of the eurosystem. and the governor of the central bank of cyprus, athanasios orphanides, and the governor of the central bank of malta, michael c. bonello will become members of the governing council of the ecb. the two governors, together with the other 19 members of the ecb ’ s governing council, will thus participate fully in the decision - making concerning the single monetary policy. we are looking forward to benefit from their experience and expertise in our deliberations. together, we will continue to analyse carefully the economic situation and outlook in the euro area and to do what is necessary to fulfil our mandate : to maintain price stability in the euro area as a whole, to the benefit of soon 15 countries and 319 million europeans. i am sure that the people of cyprus and malta are looking forward to the changeover to the euro. they rightly expect that it will take place smoothly and that they are informed about their new banknotes and coins. a smooth changeover to the euro will enhance their trust in the safety and integrity of their new currency. to this end, the ecb, in close co - operation with the central bank of cyprus and the central

european trade route – from paris to russia via frankfurt and leipzig – and for centuries has attracted people from all over the continent to its famous trade fairs. in the middle ages, as many as 40, 000 people would come here to exchange their wares – a number that exceeded the total population of “ francofurtia ” at that time. frankfurt has for centuries been a truly european financial centre, too. the development of the frankfurt borse in the late 16th century, for example, was a joint effort between locals and traders from the low countries and italy. 1 today, around four out of five 1 / 4 bis central bankers'speeches banks located in frankfurt are from other countries. and frankfurt has often been a european leader in the arts and design. a century ago, this was the home of the “ neue frankfurt ” programme – led by the mayor ludwig landmann and the city planner ernst may – which gave frankfurt a worldwide reputation as a centre of the avant - garde in urban planning and architecture. and as part of that programme, the famous “ frankfurter kuche ” was designed by margarete schutte - lihotzky, an innovation that would go on to be used all over the western world. so it is no wonder that frankfurt is now called the “ europastadt ”. it is the city of the euro and the home of the ecb. it is still the crossroads of our continent, housing the busiest cargo airport in europe and the world ’ s largest trade fair. and it is a truly international place : almost 30 % of people living in frankfurt are non - germans and another 25 % are germans with a migratory background. in other words, frankfurt has succeeded by being dynamic internally, but open externally ; by being proud of its history and traditions, but welcoming of new people and ideas. it is a model of how european cooperation can make us stronger – and it is no surprise that, thanks to your generosity and openness, i have felt immediately at home here. in recognition of that, i truly intend – as president of the ecb – for my institution to reflect the spirit of this community and to play an active part in it. we will be open, transparent and accessible. we will try to talk in a language that everyone can understand. and we will listen, too, and hear people ’ s concerns. one of my priorities as president of the european central bank is to strengthen the bond between the bank and the people of europe : you, and