The populations of Cyprus and Malta fear that the introduction of the euro will cause price increases. According to a survey conducted in Cyprus in 2006, 83% of citizens expressed this view. That their fears are not unfounded is confirmed by the experience of other countries: when switching from the national currency to the euro, sellers began rounding prices – naturally, upward. In Spain, for example, after the transition, popular food items became 5-6% more expensive. In Greece, prices rose by an average of 10%. The country even saw protest actions involving about 70% of the population. Italians also expressed dissatisfaction with the euro adoption. In a survey conducted by "Richerka-Demoskopea", 90% of respondents said that after the introduction of the euro, prices doubled. And in Germany, consumers complained that sellers simply changed price tags from marks to euros, which meant an almost 100% increase in the cost of goods.
However, for the new eurozone members, the transition to the euro will be less painful than for the pioneering countries. Tourism industry experts believe that a sharp price jump should not be expected at the resorts of Cyprus and Malta. These countries have long had price tags in both national currency and euros, so the official introduction of the European currency will change nothing. True, prices for tours, which are currently listed in dollars, will be converted to euros from January 1, 2008, so they will rise somewhat, believes Irina Tyurina, press secretary of the Russian Union of Travel Industry.
Recall that the common European currency was introduced in 11 EU countries – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain – in 1999, although cash was put into circulation only on January 1, 2002. Greece joined the eurozone in 2002, and on January 1, 2007, Slovenia entered it.
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