EU finance ministers have given the go-ahead for Slovakia to adopt the Euro on January 1, 2009, giving the country less than six months to prepare for the changeover.
The definitive conversion rate has also been set, with one euro fixed at just over 30 Slovakian Koruna.
The ministerial rubberstamp of approval was the last EU obstacle Slovakia faced on its long path to becoming the sixteenth member of the Eurozone.
It comes after the European Commission and the European Central Bank decided in May that Slovakia met the tough economic criteria for joining.
But Slovaks themselves remain divided about being the first central European nation to join the Eurozone.
Many of the five million plus population are concerned that the currency switch could drive up inflation.