Malta adopts the euro

Malta, along with Cyprus, began using the single European currency today, from The BBC:

Banks will be closed in both countries to mark the New Year, but most cash machines have been prepared to dispense euros in time for the switchover. Cyprus and Malta have added just 1.2 million people to the number of Europeans using the currency. But they will have equal voting rights with the other 13 eurozone members at the European Central Bank..

Commercial banks in Malta will exchange Maltese lira into euros free of charge until the end of March, and the central bank will allow exchange of lira notes until 2018...Scrapping currency exchange costs and adopting a major currency raise hopes of a big boost to the islands' industries.

Malta is already enjoying a tourism boom, with double-digit growth expected this year, largely due to the arrival of low-cost airlines. But it is also planning to become a magnet for hi-tech investment. Several pharmaceutical companies have established research centres in Malta to develop generic copies of patented drugs. And the German airline Lufthansa signed an agreement in 2007 for Malta to maintain and overhaul its planes...