Cyprus Mail

Cypriots not sure about benefit of the euro

While the majority of Cypriots believe the euro is favourable for the EU as a whole, just 47 per cent think using the currency is good for Cyprus, a Eurobarometer survey published on Tuesday showed.

Cypriots were optimistic about the euro for the EU as a whole, as 65 per cent viewed the currency as good, 22 per cent as bad, and 13 per cent were not sure.

The number is also high for all EU citizens partaking in the survey, as 74 per cent responded that having the euro is a good thing for the EU, the highest level since this question was first asked in 2010. Nearly two-thirds of all citizens (64 per cent) believe that having the euro is a good thing for their country.

Regarding whether the euro made Cypriots feel more European, 19 per cent said yes, while 80 per cent said that nothing had changed.

58 per cent of Cypriots responded positively to the idea of abolishing the one and two cent euro coins, 96 per cent felt confident in handling euro bank notes and 90 per cent felt confident in handling euro coins.

Regarding whether the euro has made travelling easier and less costly, 58 per cent of Cypriots said yes, while 43 per cent believe that that the euro has reduced banking charges when travelling to other EU countries.

Finally, 66 per cent of Cypriots believe that there should be more coordination in the euro area in economic policy, including budgetary policies, with only 10 per cent believing that current coordination is satisfactory.

This figure is also high for EU citizens as a whole, 78 per cent of whom agree that there is a need for significant reforms to improve economic performances.

The survey, carried out in the 19 member states of the euro area on some 17,589 respondents was conducted in Cyprus between October 15 and 17.

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