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€ comes to Central Europe!

8. May, 2008

The European Commission (EC) expressed today its ’yes’ for Slovakia’s euro-membership from 2009 onwards. As the first country in the Central European region the reform-champion Slovakia fulfilled all Maastricht criteria and looks to join the euro-area from next January 1st onwards – another strong stimulus is expected for its dynamic economy thanks to its excellent investment climate.

On its impressive road to European integration the young and dynamic Republic joined the European Union in 2004 after a vast array of economic, financial and social reforms had paved the way for membership. At the end of 2007 it entered the Schengen passport-free travel zone and now becomes the first Central European country to pass the last significant milestone to full membership in the European family. According to EU experts and government officials the decision expresses the trust in Slovakia’s economic direction and will further boost its economic development and guarantee economic stability. In the same convergence report the progress of the 3 other Visegrad countries Czech Republic, Hungary and Poland is being recognized. Yet membership of the neighbouring countries of Slovakia is not expected before 2012. The gradual introduction of the euro in Central Europe promises big potentials for businesses that plan to enter these markets or look to strengthen their operations in the region.