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21034Euro go-ahead

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  • Martin Votruba
    Apr 30, 2008
      According to agency reports, Slovakia is getting green light to adopt
      the euro:

      "The European Commission, the executive branch of the European Union,
      is set to confirm that Slovakia has met all conditions to become the
      16th country to adopt the euro, effective Jan. 1, 2009. The story
      cited a draft report by the Commission that is due to be released on
      May 7."

      "'In its convergence report, the commission concludes that amongst the
      assessed member states only Slovakia fulfills the conditions for the
      adoption of the euro,' the Commission draft report says."

      "The decision will then be rubber-stamped by the EU finance ministers."

      The adoption schedule will be:

      August 2008 -- pay only with crowns; show prices in crowns and euros
      Jan. 1, 2009 -- pay with euros or crowns; get back change in euros
      Jan. 17 -- pay only with euros; banks exchange crown bills and coins
      July 1 -- only the National Bank exchanges coins; banks exchange bills
      Dec. 31 -- end showing prices in euros and crowns
      Jan. 1, 2010 -- only the NB exchanges crown bills and coins
      Jan. 1, 2014 -- no exchange of coins, the NB exchanges bills for ever


      votruba "at" pitt "dot" edu
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