Brussels clears Slovakia for euro in 2009

Slovakia has been given the green light to adopt the euro on January 1, 2009. It will be the first country of the defunct Soviet sphere to join the euro zone. The European Commission said the nation of 5.4 million people is ready to switch to the currency now shared by 15 states, crowning years of ambitious economic reforms in Slovakia. It is thought likely that the currency union will further enhance its stature as an invesors’ favourite. The European Union’s finance ministers are expected to confirm the country’s euro go-ahead in July.

The European Central Bank said Bratislava had met the entry benchmarks this year in March, but warned there were considerable concerns about how long inflation could be held within the 3.2 percent limit. Many ordinary Slovaks are worried the euro will bring higher prices.

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