Now, almost three weeks after the introduction of the new currency, I would like to stress that, in the short term, the conversion of prices into euros should not be taken as an opportunity to make unjustified price rises. This is especially important considering that food and energy prices are already exerting upward pressure on inflation in the euro area as a whole.
Against this background, measures taken by the Cypriot government together with retailers, importers and manufacturers in order to avoid such adjustments are commendable. Looking further ahead, in order to fully reap the advantages of the euro and to ensure sustainable convergence, additional efforts with structural reform should be undertaken and appropriate policies implemented.