(Consultation procedure)

The European Parliament,

–   having regard to the Commission proposal to the Council (COM(2007)0256),

–   having regard to the Commission convergence report 2007 on Cyprus (COM(2007)0255) and the European Central Bank convergence report of May 2007,

–   having regard to the Commission Staff Working Document - Accompanying document to the Report from the Commission - Convergence Report 2007 on Cyprus (SEC(2007)0623),

–   having regard to its resolution of 1 June 2006 on the enlargement of the euro zone(1),

–   having regard to Article 122(2) of the EC Treaty, pursuant to which the Council consulted Parliament (C6-0151/2007),

–   having regard to Rule 51 of its Rules of Procedure,

–   having regard to the report of the Committee on Economic and Monetary Affairs (A6-0244/2007),

1.  Approves the Commission proposal;

2.  Favours the adoption of the euro by Cyprus on 1 January 2008;

3.  Calls on the Member States to allow the Commission to assess compliance with the Maastricht criteria on the basis of definite, current, reliable, and high-quality data;

4.  Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

5.  Asks the Council to consult Parliament again if it intends to amend the Commission proposal substantially;

6.  Instructs its President to forward its position to the Council, the Commission and the governments of the Member States.

(1) OJ C 298 E, 8.12.2006, p. 249.