Slovakia Attempting to Get the Euro As Currency

June 3, 2008

European Union finance ministers have began the process to incude EU newcomer Slovakia in the euro currency zone next year by approving its membership.

Slovakia cleared major hurdles when it won backing from the European Commission and European Central Bank that it had met a set of strict economic standards to allow it swap its currency, the koruna, for the euro on January 1, 2009.

A final decision from finance ministers in July will be the last hurdle the country hasd to clear to become the 16th euro nation, making it only the second of 10 new EU members to adopt the currency. The currency exchange rate will also be fixed then.