Saturday, January 3, 2009

Slovakia becomes 16th member of European Union to adopt "Euro"

Slovakia has become the 16th member of Eurozone (European Union member states that have adopted the euro as their sole official currency) by adopting Euro as their currency replacing Koruna.
In 1998 eleven EU member-states had met the convergence criteria, and the Eurozone came into existence with the official launch of the Euro on 1 January 1999. The first eleven states to adopt Euro initially on 1 January 1999 were: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal.

Greece qualified in 2000 and was admitted on 1 January 2001.

Physical coins and banknotes were introduced on 1 January 2002.

Slovenia qualified in 2006 and was admitted on 1 January 2007.

Cyprus and Malta joined on 1 January 2008.

Slovakia qualified in 2008 and joined on 1 January 2009.

At the moment there are 16 member states with over 325 million people in the Eurozone.