Slovaks adopt euro

Slovaks adopt euro

uk.reuters.com

BRATISLAVA (Reuters) - Slovakia joined the euro on Thursday, hoping that membership of the single currency will soften the blow of the global financial crisis and bring about greater economic convergence with richer European Union states.

Slovakia left behind other, bigger east European nations -- Poland, Hungary and the Czech Republic -- and will likely be the region's last euro entrant for some time given the present financial turmoil.

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Good news for Slovakia and I personally proudly welcome them! They have done a good job reforming their economy and is now among the fastest growing economies in Central Europe. Many of Europe's car manufacturers have subsidiaries in in Slovakia, which economy thrives primarily on the automotive industry. Since the car industry is always one of the first industries to be hit during an economic crisis, I hope that the Euro will at least offer some protecting - in the form of more Foreign Direct Investment and minimized exchange rate risks.


uk.reuters.com
(visit the link for the full news article)