On January 1, Malta and Cyprus officially adopted the euro. Both nations occupy key locations for controlling the Mediterranean, Northern Africa and Southern Europe. With these two island states joining the eurozone, the European Union’s influence in these important areas will become more deeply entrenched.
At the beginning of the new year, just after midnight, the countries’ leaders withdrew their first euros from cash machines amid fireworks and celebration. Both countries hope for great economic gains from increased investment and tourism thanks to the currency.
