The Council of Ministers decided on Wednesday to authorise the Minister of Finance and the Central Bank of Cyprus Governor to submit an application to the European Commission and the European Central Bank for the preparation of an extraordinary convergence report concerning the adoption of the Euro on 1 January 2008.
The Cabinet convened under President of the Republic Tassos Papadopoulos.
Cyprus did apply today (13 February 2007). The expected day of introduction of the euro in Cyprus is 1 January 2008, provided the application is approved as planned. See http://news.bbc.co.uk/2/hi/business/6357551.stm.
Dakkus wrote:Cyprus is also very far away from the rest of the Euroland. It's in Asia, next to such countries as Israel and Syria. I can't see them having all that much diffusion with the other countries. I don't think tourism can bring them as much diffusion as having a lot of land border kilometers with other euro countries. I am afraid Cyprus is going to be quite a desert. But, maybe I'm wrong
There is quite some flow of capital between Greece and Cyprus already (a de facto free trade zone, to an extend). I anticipate that in Greece we are going to see Cypriot euro coins and banknotes quite often, after Cyprus adopts the euro. Yet, the flow of Cypriot euro coins and banknotes to the rest of Europe will understandably be more marginal. Incidentally, most tourists to Cyprus (with the exception of mainland Greeks) are British, hence there is another factor to hinder mobility of Cypriot euros to the rest of the Eurozone.
"Control the coinage and the courts - let the rabble have the rest."
- Frank Herbert, Dune
The Council of Ministers decided on Wednesday to authorise the Minister of Finance and the Central Bank of Cyprus Governor to submit an application to the European Commission and the European Central Bank for the preparation of an extraordinary convergence report concerning the adoption of the Euro on 1 January 2008.
The Cabinet convened under President of the Republic Tassos Papadopoulos.
Cyprus did apply today (13 February 2007). The expected day of introduction of the euro in Cyprus is 1 January 2008, provided the application is approved as planned. See http://news.bbc.co.uk/2/hi/business/6357551.stm.
Dakkus wrote:Cyprus is also very far away from the rest of the Euroland. It's in Asia, next to such countries as Israel and Syria. I can't see them having all that much diffusion with the other countries. I don't think tourism can bring them as much diffusion as having a lot of land border kilometers with other euro countries. I am afraid Cyprus is going to be quite a desert. But, maybe I'm wrong
There is quite some flow of capital between Greece and Cyprus already (a de facto free trade zone, to an extend). I anticipate that in Greece we are going to see Cypriot euro coins and banknotes quite often, after Cyprus adopts the euro. Yet, the flow of Cypriot euro coins and banknotes to the rest of Europe will understandably be more marginal. Incidentally, most tourists to Cyprus (with the exception of mainland Greeks) are British, hence there is another factor to hinder mobility of Cypriot euros to the rest of the Eurozone.
And, unfortunately Greece isn't much help in making Cyprus an EBT-fanatic country.. It's presence could even have a negative effect if Cyprus would be gonna become very active, as Greece would drain a good share of potential Cypriot hits.
And if Cyprus gets more and more trackers, they may have low hit-ratios. I think many notes will stay at Cyprus like they do in Finland (and you know what the hit-ratios in Finland are ).
What's most, Dakkus, I think you're underestimating some factors which were very important in determining EBT's diffusion in Slovenia, and which are present also in Malta and Cyprus.
(1) First of all, when any country joins the euro there's going to be an enormous media coverage about that fact; while in the 12-strong eurozone this happened while EBT was still pretty much desert, in Slovenia it happened when the site was already well developed, and the results could easily be seen. I'm not saying that the press is going to talk about our site 24/7 without any effort - a lot of work is needed to inform the local media. I'm just saying that it's much easier to become a news topic, because anything related to the euro will be the talk of the town at least for some weeks after the changeover.
(2) Then, you have to consider that Slovenia's success was partly owed to the fact that it already started with a good hit ratio, since it didn't use new banknotes, but old ones; as of january 2007, Slovenian hit ratio was already under 1:500 - in neighbouring Italy it was 1:2000, around that time. I suppose that both Cyprus at Malta will borrow, at least in part, banknotes which have already been circulating elsewhere in the Eurozone.
(3) Already few weeks after the changeover an important surge was witnessed in the number of *internal* hits, due to the huge amount of users who kept on joining the site. Still nowadays Slovenia has by far the highest hit ratio among its neighbours (1:180 last june; Austria was 1:260 that month, north-eastern Italy approximately 1:1000). This demonstrates that new countries don't need prominent neighbours, and, on the contrary, they are beneficial to neighbours themselves; this is particularly relevant, because hit ratios in Greece and lower Italy are by far the worst here on EBT.
Being Cyprus and Malta more isolated than Slovenia, the surge in internal hits due to the great number of active users could be even stronger, since banknotes won't be massively drained out of the country before the tourist season begins. (I've never been to any of the new countries, though; and I don't know if there's much traffic going on between them and the continent, in winter or spring.)
I could go on for hours, since I don't really feel like studying analytical mechanics now. But I'm not that cruel to readers.
Any opinion about what I said?
Last edited by WinstonSmith on Wed Jul 11, 2007 12:30 pm, edited 1 time in total.
In the news today:
Cyprus will get their Euro bank notes from the Bank of Greece. Also tomorow starts the minting of the Cypriot Euro coins in Finland (article in Greek http://www.naftemporiki.gr/news/static/ ... 356187.htm
Well, that means WinstonSmith's hope for getting plenty of initial hits for Cyprus won't work all that well :/
Hope Malta will get its initial stock from Slovenia
WinstonSmith wrote:I've never been to any of the new countries, though; and I don't know if there's much traffic going on between them and the continent, in winter or spring.
Traffic between Cyprus and mainland Greece is particularly sizeable any time of year, but it normally peaks in the summer. Aside from that, we should do better here in Greece when it comes to showing interest in EBT in order to get hits in Cyprus fast... I prefer to be rather optimistic, though.
"Control the coinage and the courts - let the rabble have the rest."
- Frank Herbert, Dune
di solito preferisco tutte le 8 diverse ma i disegni sono veramente belli : mi piacciono gli animali e le barche . Quella mi sembra 1 brutta bambola non trovi ? boh . . aspetto di vederla
ciao
andrea
Last edited by starcapitan on Wed Oct 31, 2007 5:23 pm, edited 1 time in total.
Tracker with 25 hits also internationals and looking for the first triple ;0)
Web Designer della web agency WEDESA girls legs SUPERFAN
I think that the word Euro (which in my opinion is the best the UE might choose) has in itselft 1 trick.
The "eu" dittongue sound strange in the european language and change the sound of the currency which is "euro" or "iuro" or "oiro" or "orò" dipendently from the are you are.
If you'd add even the plural, not everyone knows that in Italian, for instance, it should sound like "euri" or "iuros" in English or "ευρα or ευρος" in green or "euroen" or whatever in the other languages, so it will create for sure misunderstandings in the old people (just for tell a category that in italy still calls Euro for Lira even giving the right number in Euro....)
Hey.. In Finnish it definitely DOES go this way:
1 euro
2 euroa
3 euroa
etc.
In Estonian it is for sure:
1 euro
2 eurot
3 eurot
etc.
The Finnish/Estonian pronounciation could be best translit this way:
3 e'uro'a
3 e'urot
You'll notice that's another very distinctive pronounciation.
Then there are the swedes with their e'üüro.
When the name Euro was decided, one important reasoning behind it was indeed that it's one word that is pronounced completely differently in each euro state. It reflects the "united for diversity" ideology of EU.
There's no point in everybody having to be able to conjugate the word Euro in all possible languages. Why /should/ I be able to form a plural of word euro in Italian? I don't care if it's euri in plural, because I never talk of Euros in Italian. If I would, that would be because I would be speaking Italian. And if I could speak Italian, conjugating a word according to Italian logic shouldn't be any problem for me.
EU can't and doesn't want to come and claim that a grammar must be altered for one word. From what you've said, it appears that in Italy some local instance has indeed said that Euro should be pronounced differently from the rest of the words. Is that correct? And if yes, then WHY ON EARTH?!
.
).
