Cyprus ratified the Accession Treaty on July 14, 2003 and until its accession participated in the work and institutions of the European Union as an active observer. On 1 May 2004 Cyprus became a full Member State of the EU together with the other nine candidate countries – the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. (Read the full text of the Athens Declaration here). With the accession of Cyprus to the European Union on May 1, 2004, the government of the Republic assumed the obligation to join the Economic and Monetary Union and to adopt the euro as soon as the necessary conditions are met. As of January 1, 2008, Cyprus joined the euro area and adopted the euro as its national currency. On 1 July 2012, Cyprus assumed the presidency of the Council of the European Union for six months for the first time after its accession, an important milestone for the Republic of Cyprus.
More information on the website of the Ministry of Foreign Affairs:
http://www.mfa.gov.cy/mfa/mfa2016.nsf/mfa22_gr/mfa22_gr?OpenDocument
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