Summit to be ratified by all EU heads of state. On 9 March 2007, the campaign to inform the citizens of Cyprus about the euro officially began in Cypriot media. On 15 March 2007, the House of Representatives passed the necessary laws for the introduction of the euro on 1 January 2008. On 16 May 2007, the Commissioner for Economic & Financial Affairs of the EU, Joaquín Almunia, recommended that Cyprus adopt the euro as scheduled. On 20 June 2007, the European Parliament voted affirmatively on this issue and on 21 June 2007, the date was confirmed by the EU leaders. On 10 July 2007, the EU Finance Ministers set the permanent exchange rate to CYP 0.585274 to 1 euro. On 23 October 2007, the designs were officially published in the Official Journal of the European Union. On 1 January 2008, the euro replaced the Cypriot pound as the official currency. €2 commemorative coins Other commemorative coins (Collectors' coins) Although Cyprus joined the Eurozone in 2008, they already had one high value commemorative coin, minted in silver. This coin was minted as a legacy of an old national practice of minting gold and silver coins. This coin is not really intended to be used as means of payment, so generally they do not circulate. See also Cyprus in the European Union References External links Website of the Central Bank of Cyprus with the final national designs. (Click on the name of each denomination to see the respective design) Website for the Euro from the Republic of Cyprus European Central Bank – Cyprus Cyprus euro coins and commemorative 2€ coins Euro coins by issuing country Euro coins Euro