With less than 3 weeks to go before the introduction of the euro in Slovakia, the Commission concluded today that Slovakia's preparations are well advanced and that the changeover to the euro should be smooth.
Latest update: 6 July 2009
The report, adopted today by the Commission, focuses on Slovakia, which will adopt the euro on 1st January 2009. A staff working document attached to the report addresses the state of preparations in the other Member States which yet have to adopt the euro.
>> COM(2008) 843 final. 8th report on the practical preparations for the enlargement of the euro area
The National Bank of Slovakia started to distribute euro coins and banknotes to commercial banks in September 2008. Some commercial banks provide for exchanges of Slovak koruna cash against euro at the official conversion rate (1€=30.1260 SKK) without fees in the last weeks of the year. The first businesses were delivered euro cash at the beginning of November. In order to serve efficiently the clients coming to exchange their cash holdings, the banks plan extra opening hours in the first days of January 2009. Some branches will open special counters for businesses and reinforce the staff in contact with public.
In order to address consumers' fears of price increases around the changeover, Slovakia implements a whole set of measures. The logo of the voluntary Ethical Code project can be now found at some 16 000 places of sale. The implementation of the changeover rules and the price developments are controlled by the Slovak Trade Inspection and the Association of Slovak Consumers. A significant number of identified shortcomings are corrected already during the controls, with the help of inspectors.