Brussels - The Economic and Financial Affairs Council of EU (ECOFIN) formally adopted the last and definitive decision on adoption by Slovakia of the euro as its currency, as from 1 January 2009.

"This is a major success for Slovakia, the result of determined policies to promote convergence over recent years", said Joaquín Almunia, European Commissioner for Economic and Monetary Affairs. "Slovakia joins the euro area exactly ten years after its inception. During the last decade the single currency, which is now shared by some 325 million citizens, has been a remarkable success, and Slovakia is well placed to benefit from euro-area participation. Still, this is not the end of the road. Slovakia needs to remain committed to sound policies, particularly in the fiscal and structural domain. This is both in its own interest and part of the responsibility that all members share to ensure that the monetary union functions smoothly."

The conversion rate is set at 30.1260 Slovak koruna to the Euro, which corresponds to the current central rate of the koruna within the EU's ERM II exchange rate mechanism.

The ECOFIN decision will enlarge the euro area to 16 member states.

Fifteen of the EU's 27 member states currently use the euro as their currency: Belgium, Cyprus, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Austria, Slovenia and Finland.

(Using European Commission press reports)