The new year isn't the only thing new. Cyprus and Malta just adopted the Euro too!

Cyprus and Malta both joined the Euro and did away with their local currencies (the Cypriot pound and Maltese lira).

They brought in the new year with a new currency. Now they'll be part of the ever expanding number of countries taking on the euro. This will be the 15th country to do so.

So now they'll join the  ECB's (European Central Bank) governing council. There will be 21 members on its board with these two latest countries joining in. This will give them a say in the setting of interest rates also.

As this list of countries grows, it could become tougher for them to agree on a common position when setting interest rates.

These two islands are very wealthy but they won't really increase the Euro Zone output by much. However, we live in interesting times with things changing daily.

Stay tuned...let's see what changes in the world next.

I hope you had a happy New Year!

Sean Hyman
Currency Director, www.sovereignsociety.com
Editor/Trader, www.money-trader.com