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Slovak Government Approves Plan to Adopt Euro in 2009

The Slovak government on Wednesday approved a document calling for the adoption of the European single currency at the beginning of 2009.

The document, drafted by the Finance Ministry and the National Bank of Slovakia (NBS), says the country will meet the Maastricht criteria, which is necessary for euro adoption, no later than 2007.

In line with that, Slovakia will cut its public finance deficit to 3.0 % of its GDP, the key Maastricht criterion, by 2007, the government pledged.

Slovakia will joint the ERM-2 exchange rate mechanism, which every country that wants to adopt the euro must join, in the first half of 2006. ERM-2 members must keep the exchange rate for their currencies within 15 % of either side of the parity exchange rate to the euro.

(Interfax 10.ix.04)

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