Brussels, 05/01/2009 (Agence Europe) - On 1 January 2009, the euro was successfully introduced into Slovakia as the European single currency celebrates its tenth anniversary. This brings to 16 the number of European Union countries that now use the euro. Out of a total population of 499.7 million, there are now 328.6 million citizens who use the same currency in the EU.
In a press release dated 2 January, the European Central Bank (ECB) states that euro notes and coins were successfully introduced in Slovakia. Until 16 January 2009, it will be possible to pay in cash using either euro or Slovak koruna banknotes and coins. As of 17 January 2009, the euro will be the sole legal tender.
The ECB also states that frontloading to the banking sector and the subsequent sub-frontloading of euro cash, via banks, to retailers and similar businesses resulted in widespread availability of euro banknotes and coins during the first days of transition. By the end of 2008, 51.1 million euro banknotes and 338.9 million euro coins had been frontloaded.
Slovakia managed to come into line with Maastricht criteria ahead of its post-communist neighbours (Hungary, Poland and the Czech Republic) thanks to major reforms conducted by the previous Liberal government. After record growth of 10.4% in 2007, the economy, which mainly relies on the automobile industry and electronics, remains one of the most successful in Europe, with an enviable result of 7.4% expected for 2008.
The euro was created in 1999 when 11 countries irrevocably fixed the bilateral exchange rates of their currencies and took on a single monetary policy and single exchange rate. The European Central Bank had been created six months earlier. Euro banknotes and coins appeared in 2002. Slovakia adopted the euro at the rate of 30.1260 Slovak koruna for one euro. Before Slovakia, single currency was adopted by Slovenia, Cyprus and Malta. (L.C./transl.jl)