The euro makes Cyprus more competitive

The paper is happy with the country's transition to the euro. "Inevitably, as people began using the euro this week, stories emerged of outrageous profiteering by unscrupulous individuals, latching on to the opportunity offered as people got used to the new currency. ... The fact is, of course, that these are isolated incidents. Further, the access to a massive European market that our participation offers is likely to allow lower prices by reducing costs for those doing business with Cyprus, until recently a tiny, very closed economy. But if the price panic has been seriously exaggerated, it has created a very welcome new phenomenon : the Cypriot is finally becoming a proper consumer. Until now, shoppers were often happy to pay up blindly. Now, the price frenzy is making us cautious, rebellious, encouraging us at last to shop around."

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