Small EU states rush to join single currency

Cyprus has applied to join the eurozone on 1 January 2008, as part of a trend that is seeing the EU's smallest new members rush to get into the single currency while bigger economies such as Poland and Romania pull further away from the euro-horizon.

Nicosia's formal letter of application arrived on the European Commission's desk on Tuesday (13 February), starting a process that should see EU states give the green light at the EU summit in June and the Cypriot pound replaced by euro no...