July 2008 | Slovakia to adopt euro in 2009

The European Commission welcomes today's final and formal decision by the ECOFIN Council allowing Slovakia to adopt the euro as from 1 January 2009. On a proposal by the Commission, the Council also decided that the Slovak koruna will be converted into euro at the rate of 30.1260 SKK/EUR. In the coming 5½ months, it will be vital for Slovakia to advance with and complete its technical and practical preparations to ensure that the changeover to the euro takes place smoothly, as it did in Cyprus and Malta at the beginning of this year.

"This is a major success for Slovakia, the result of determined policies to promote convergence over recent years", said Joaquin Almunia, European Commissioner for Economic and Monetary Affairs. "Slovakia joins the euro area exactly ten years after its inception. During the last decade the single currency, which is now shared by some 325 million citizens, has been a remarkable success, and Slovakia is well placed to benefit from euro-area participation. Still, this is not the end of the road. Slovakia needs to remain committed to sound policies, particularly in the fiscal and structural domain. This is both in its own interest and part of the responsibility that all members share to ensure that the monetary union functions smoothly."

Today the European Union's finance ministers adopted the legal acts necessary for Slovakia to adopt the euro on 1st January 2009. Based on a Commission proposal, they also decided that the Slovak koruna will be replaced by the euro at the rate of 30.1260 SKK to the euro. On 7 May this year, the Commission concluded that Slovakia met the convergence criteria to adopt the euro and consequently made a proposal to the Council that it allow Slovakia to do so.