Home / Knowledge / News / Slovakia to adopt the euro, euro turns 10
Slovakia to adopt the euro, euro turns 10
30
Dec '08
In less than three days, the euro area will have two reasons to celebrate: the number of European Union countries that share the same currency will grow to 16 with Slovakia and it will be the 10th anniversary of the euro.

Slovakia will adopt the euro on the 1st of January, becoming the 16th EU country to do so after 11 launched the common currency 10 years ago. On New Year's day 328.6 million people out of the EU's 499.7 million will share the euro.

"I am very happy that we will celebrate the euro's 10th anniversary by welcoming Slovakia as a new member. Slovakia is about to take a historic step forward, for all its citizens and for Europe. Joining the euro will place Slovakia at the economic and political heart of Europe, less than five years after joining the European Union. This is a superb achievement and I look forward enormously to welcoming all Slovakians into the euro area", said Commission President José-Manuel Barroso.

"The 1st of January 2009 will be a proud moment for the euro area and for the EU as a whole as Slovakia becomes the 16th country to adopt the euro and the European currency celebrates its 10th anniversary. The euro has become the symbol of EU identity and is protecting us against the tremendous external shocks that we have had to cope with since the summer of 2007. We should be proud of that record and we safeguard the sound budgetary and macroeconomic framework that has made the euro such a success," said Joaquín Almunia, European Commissioner for Economic and Monetary Affairs.

The euro was created in 1999 when 11 countries irrevocably locked the bilateral exchange rates of their currencies and equipped themselves with a single monetary and exchange rate policy. The European Central Bank was created six months earlier. The banknotes and coins were introduced in 2002. Slovakia will adopt it at a rate of 30.1260 Slovak koruna to the euro. Before it, Slovenia, Cyprus and Malta also made the euro their money.

The euro has been a great success. Overall and notwithstanding the present challenging times, it has delivered greater price stability and lower interest rates than ever before for the countries, people and businesses that share it. It helped create a record 16 million jobs and enabled us to enter into the current crisis with the lowest unemployment rate and the best budgetary position in a long time. Of course, we can and we must improve Economic and Monetary Union to make it even more successful in the next decade and beyond, as the EMU@10 Communication and Report of May 2008 shows all too well.

€2 commemorative coin and euro documentary - To celebrate the euro anniversary, euro area countries will issue in January a €2 commemorative coin, which design was selected through a popular web vote organised by the Commission.

A lively television documentary has also been commissioned on the origins and history of the euro, its benefits and how it is perceived. It is available for download on the website of the Economic and Financial Affairs Directorate General.


Must ReadView All

Courtesy: Kai Pilger from Pexels

Textiles | On 24th Apr 2018

Pakistan’s textile exports up 7.77% in July-March FY18

The value of textile and garment exports from Pakistan increased by...

Alliance to form joint entity for safety in factories

Apparel/Garments | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search