Euro joy for slovakia

Slovakia has met one of the main criteria required to join the single European currency…

Figures from the European Union showed that the average inflation rate during the year to March was 2.2 per cent - well below the accepted limit of 3.2 per cent. This is a positive development for the Eastern European country, which is aiming to become a member of the euro at the beginning of 2009.

The decision regarding Slovakia’s entry into the single currency will be decided by both the European commission and the European Central Bank. However, the bodies need to consider whether this rate of inflation is likely to be sustainable during the next few years.

Robert Fico, prime minister of Slovakia, was quoted as saying: "Today there is no reason to doubt that the Slovak Republic would be able to secure good state of public finances but also the rate of inflation in the upcoming period."

The country became independent in 1993 and joined the European Union 11 years later.