The European Union does not believe Slovakia will be ready to adopt the euro as its currency in 2009, a Slovak Foreign Ministry document said Wednesday.
The European Union does not believe Slovakia will be ready to adopt the euro as its currency in 2009, a Slovak Foreign Ministry document said Wednesday.
As a result, the Slovak Cabinet approved a measure to lobby the EU, showing ministers, bankers and economists its economy will be fully prepared to adopt the currency overseen by the European Central Bank, the Czechoslovak Press Agency reported.
"The government's resolution to ensure Slovakia's entry in the eurozone in 2009 and the current development of meeting the criteria for eurozone entry are not yet really reflected in the European Commission and the European Central Bank's clearly positive assessment of Slovakia's readiness," the ministry said.
EU and ECB officials have expressed concerns Slovakia -- which is an EU member, as well as part of NATO and the World Trade Organization -- will not be able to maintain low inflation permanently, the news service reported.
The government plans to explain how inflation will remain under control by an "expected firming" of Slovak currency, the koruna, along with rising global energy prices and a projected increase in Slovakia's property values, the news agency said.
