Adoption of the euro in Slovakia

Adoption of the euro in Slovakia

Euro banknotes - all denominations
Date	1 January 2011 (introduction) – 14 January 2011 (complete transition).
Location	Slovakia
Type	Economic transition
Theme	Adoption of the euro as the national currency
Participants	Government of Slovakia, European Union
Outcome	Replacement of the Slovakian koruna with the euro

Eurozone participation

European Union member states

(special territories not shown)

  21 in the eurozone

  1 in ERM II, with an opt-out (Denmark)

  5 not in ERM II, but committed to join the eurozone after meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden)

Non–EU member states

  4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City)

  2 using the euro unilaterally (Kosovo and Montenegro)

Slovakia officially adopted the euro on January 1, 2009, becoming the 16th member of the euro area. When Slovakia joined the European Union in 2004 it committed to join the eurozone and replace its currency, the Slovakian koruna, with the euro. It replaced the Slovak koruna at a fixed conversion rate of 30.1260 koruna to one euro using a "big-bang" changeover approach.

History

When it joined the EU in 2004, Slovakia committed to switching its currency, the Slovakian koruna, to the euro, as stated in the 2003 EU accession treaty. The transition would occur once the country meets all the euro convergence criteria. The European Central Bank (ECB) and the European Commission prepared their respective Convergence Reports in 2008 and based on the result of that report in May 2009 the European Commission concluded that Slovakia had fulfilled the necessary conditions for the adoption of the single currency. Therefore, The European Commission confirmed Slovakia met all convergence criteria. In July 2008 the EU Council adopted a decision allowing Slovakia to adopt the euro as its currency from 1 January 2009. In July 2008 the EU Council also adopted a regulation fixing the irrevocable conversion rate between the Slovakian koruna and the euro. This conversion rate is set at 30.1260 korunas to one euro, which corresponds to the central rate agreed in November 2005, when the Slovakian currency entered the Exchange Rate Mechanism II (ERM II). The replacement of the Slovak koruna euro using a "big-bang" changeover approach.

See also

• 2004 enlargement of the European Union
• Slovak euro coins
• Slovak koruna
• Enlargement of the eurozone
• International status and usage of the euro
• Economic and monetary union
• History of the euro
• European Currency Unit
• European Central Bank
• European Union
• European Economic Community
• History of Slovakia