Slovakia: welcome to the euro area!

On 1 January 2009 the euro area will have two reasons to celebrate: Slovakia will become the 16th country to use the single currency on the same day that the euro marks its 10th anniversary

From New Year’s Day 328.6 million people including 5.4 million Slovaks will now share the same currency.

The euro was created in 1999 when 11 countries irrevocably locked the bilateral exchange rates of their currencies and equipped themselves with a single monetary and exchange rate policy managed by the European Central Bank created six months earlier. Greece joined them in 2001 and in 2002 euro banknotes and coins were introduced. Slovenia was the first of the accession countries that joined the EU in 2004 to adopt the common currency (1 January 2007). Cyprus and Malta followed suit on 1 January 2008.
Thus, 2009 will see the third enlargement of the euro area to Slovakia, which will adopt the euro at a rate of 30.1260 Slovak koruna to one euro.

The imminent changeover has fostered macroeconomic stability in Slovakia and provided it with an anchor in a time of generalised crisis. It will also create greater trade opportunities for Slovakia in the global economy and help attract foreign investment.

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