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The militarised 'Green Line' demarcating Turkish-recognised North Cyprus from Cyprus - it currently also divides the island between the Turkish lira and the euro (Photo: Marco Fieber)

Could north Cyprus unilaterally join euro to escape Turkey's lira?

by Mete Feridun, Famagusta, North Cyprus,

The Northern part of Cyprus has a unique status as a part of the EU where the EU law has been suspended.

In a referendum held in 2004, Turkish Cypriots living in the north voted in favour of the Annan Plan, also known as the UN Cyprus reunification plan, while the Greek Cypriots in the south rejected. So a divided Cyprus joined the EU as a full member.

This resulted in the euro being the legal tender in the southern part of t...

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The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Professor Dr Mete Feridun is chair of the Centre for Financial Regulation and Risk Management at the Eastern Mediterranean University in North Cyprus/Turkish Republic of Northern Cyprus.

The militarised 'Green Line' demarcating Turkish-recognised North Cyprus from Cyprus - it currently also divides the island between the Turkish lira and the euro (Photo: Marco Fieber)

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Author Bio

Professor Dr Mete Feridun is chair of the Centre for Financial Regulation and Risk Management at the Eastern Mediterranean University in North Cyprus/Turkish Republic of Northern Cyprus.

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