210px|Map showing the Today at midnight, the Republic of Cyprus and the Republic of Malta, both small in the  and former , adopted the  as their official currency; less than four years after their accession to the European Union. Because Cyprus and Malta are in different , Cyprus adopted the euro one hour before Malta did the same. In both countries the euro was welcomed with outdoor celebrations, including a fireworks display in Malta's capital . According to the BBC Cypriot Finance Minister Michalis Sarris has said the euro "will benefit consumers and businesses alike because of the eurozone's low inflation, low interest rates and large market." The BBC reports that Cypriot and Maltese leaders "made symbolic withdrawals of euros from cash machines just minutes into the New Year."  reports that had to wait a little while before getting his hands on the new currency because "an automated teller machine did not work when Gonzi tried to withdraw euros, and he was obliged to use a different ATM." Cyprus and Malta are the 14th and the 15th country to join the , which already includes Austria, Belgium, the Netherlands, Finland, France, Germany, Ireland, Italy, Luxembourg, Portugal, Spain, Greece and Slovenia. All are required to join the Eurozone once certain conditions are fulfilled, except Denmark and the United Kingdom which have negotiated a so-called that allows them not to adopt the single currency. 110px|Cypriot €1 coin The  , the de facto independent Turkish-controlled area in the north of Cyprus, will not join the Eurozone. Northern Cyprus is not part of the European Union and is recognised only by . As a result, the will remain the official currency in the north of the island; however,  reports that "many Turkish Cypriot merchants will also accept euros along with Turkish lira." Cypriot Euro coins are inscribed in both and .
210px|Map showing the Today at midnight, the Republic of Cyprus and the Republic of Malta, both small in the Mediterranean and former , adopted the euro as their official currency; less than four years after their accession to the European Union. Because Cyprus and Malta are in different , Cyprus adopted the euro one hour before Malta did the same. In both countries the euro was welcomed with outdoor celebrations, including a fireworks display in Malta's capital . According to the BBC Cypriot Finance Minister Michalis Sarris has said the euro "will benefit consumers and businesses alike because of the eurozone's low inflation, low interest rates and large market." The BBC reports that Cypriot and Maltese leaders "made symbolic withdrawals of euros from cash machines just minutes into the New Year." TIME reports that had to wait a little while before getting his hands on the new currency because "an automated teller machine did not work when Gonzi tried to withdraw euros, and he was obliged to use a different ATM." Cyprus and Malta are the 14th and the 15th country to join the , which already includes Austria, Belgium, the Netherlands, Finland, France, Germany, Ireland, Italy, Luxembourg, Portugal, Spain, Greece and Slovenia. All are required to join the Eurozone once certain conditions are fulfilled, except Denmark and the United Kingdom which have negotiated a so-called that allows them not to adopt the single currency. 110px|Cypriot €1 coin The Turkish Republic of Northern Cyprus , the de facto independent Turkish-controlled area in the north of Cyprus, will not join the Eurozone. Northern Cyprus is not part of the European Union and is recognised only by . As a result, the will remain the official currency in the north of the island; however, TIME reports that "many Turkish Cypriot merchants will also accept euros along with Turkish lira." Cypriot Euro coins are inscribed in both and .
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Mediterranean
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euro
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TIME
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Turkish Republic of Northern Cyprus
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TIME