The European Commission today gave Slovakia the greenlight to adopt the euro, setting the ex-communist country on the path to become the 16th euro zone country in January 2009.
'Slovakia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on 1 January 2009,' EU Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement today.
EU finance ministers are due to rubberstamp Slovakia's adoption of the euro in June, followed by leaders of the 27-nation bloc later in the month.
Before the red carpet to euro zone membership is laid out, candidates have to meet economic targets covering public finances, inflation, exchange and interest rates. In Slovakia's case, the inflation criteria was the main obstacle to its ambition of adopting the euro at the start of 2009.
Among the EU countries that have joined the 27-nation bloc since 2004, Cyprus, Malta and Slovenia have already adopted the euro, which will mark its 10th anniversary in January 2009.
