Slovak currency catching up with the euro

The Slovak crown rose 8.5 percent against the euro this weekend in a step approved by the Slovak government, the members of the eurozone and the European Central Bank. The exchange-rate mechanism is used as a kind of waiting room prior to the introduction of the euro in an EU country. The crown was fed into this mechanism in November 2005. Slovakia hopes to adopt the euro on January 1, 2009. Lubos Jancik expresses his delight "that the EU is recognising our strength. Theoretically, we can join the eurozone when the crown reaches an exchange rate of 30.13 crowns to the euro. Up to now it's been 32.70 to the euro. ... The stronger the crown is prior to the introduction of the euro, the closer the Slovaks will be to attaining the living standards of the 'mature' states of the EU."

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