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Slovakia joins the Euro-Club

Thursday, 10 July, 2008

The European Union has formally invited Slovakia to join the European single currency and has set the rate at which korunas will be exchanged for euros.

The European Union's 27 finance ministers approved Slovakia's entry depsite concerns from the European Central Bank about its inflation. The official rate has been set at 30.1260 korunas to the euro.

Slovakia recently strengthened the value of the koruna by 15% partly in an attempt to fight inflation.

Slovakian finance minister Jan Pociatek enuthused: "Euro entry will be beneficial for our economy-it will add one percentage point to our economic growth and it will also attract foreign direct investment.

Economic and Monetary Affairs Commissioner Joaquin Almunia praised Slovakias economic convergence, commenting, "Slovakia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on 1 January, 2009."

However, to ensure that the adoption of the euro is a success, Slovakia must pursue its efforts to maintain a low-inflation environment, be more ambitious with regard to budgetary consolidation and strengthen its competitiveness position.

"It must also now speed up its practical preparations to ensure that the changeover takes place smoothly, as it did in Cyprus and Malta in January 2008."

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