EU Finalizes Euro Changeover

Finance ministers at the EU have given Slovakia the green light to adopt the euro as their national currency.

Having enjoyed an economic boom since first joining the EU, Slovakia and Bratislava in particular have enjoyed a steady stream of foreign interest in the form of investement and tourism. However, as Slovakia is expected to be the first central European to adopt the euro, there are some concerns that this may drive up inflation in the country.

In an attempt to calm this driving inflation Slovakia has been pushing for a higher exchange rate, which was finalized today at 30.1260 Slovak korunas for 1 euro.

Slovakia will adopt the euro on January 1, 2009 giving the country less than six months to prepare for this historic transition.