Slovakia Joins the Eurozone…

Welcome to the Modern Typewriter, a daily blog to discuss topics that can’t be answered easily, or are just some fun topics! Today is January 5th, 2009, I’m Royce, and I’m here to say that the country of Solvakia has adopted the euro as a unit of currency in order to ‘soften the blow’ of financial crisis throughout the country.

“Changing an entire country’s unit of money? It is a great idea and a great choice for the Slovaks during their crisis, but if I was a Slovak, I would be mad, since all of my money would already be in the form of korunas.” says Cody, a writer at the Modern Typewriter.

“There are also the fears of things like inflation, where the value of the euro may fall if there is too many euros printed for the population.” says Melanie, another writer.

The Slovaks are seeming to worry about the prices skyrocketing and the costs of things will be too much to pay for with the euro.

The Eurozone is a region where 16 countries use the euro as a form of currency.

Taken From To assist the process of conversion to the euro, on 1 April 2008, the National Bank of Slovakia (NBS) announced their plan for withdrawal of the Slovak koruna notes and coins. A few days later, on 5 April 2008, Slovakia officially applied to enter the eurozone. On 7 May 2008, the European Commission approved the application and asked member states to endorse the bid during the EU finance ministers’ meeting in July 2008.

Apart from the United Kingdom, and Denmark, all of the remaining members of the European Union are expected to join the Eurozone soon.

There are ten countries waiting to join the Eurozone:

  • the Estonian kroon
  • the Polish zloty
  • the Latvian lats
  • the Lithuanian litas
  • the Hungarian forint
  • the Romanian leu
  • the Czech koruna
  • the Bulgarian lev
  • the Danish krone
  • the Swedish krona

A future member of the European Union, Croatia, is expected after it joins to adopt the euro and become part of the Eurozone. In about 2010 or 2011 Croatia should be able to be a part of the European Union, and about three years afterward, it probably adopt the euro.

Target Date for Adoption of the Euro:

  • Estonia – January 1st, 2011
  • Lithuania – not before 2013
  • Poland – January 1st, 2012
  • Bulgaria – January 1st, 2012
  • Hungary- not set
  • Latvia – not before 2012
  • Czech Republic – not before 2015
  • Romania – January 1st, 2014
  • Sweden – not under consideration
  • Denmark – referendum to be held
  • United Kingdom – not under consideration

Remember, I’m Royce, and this is the Modern Typewriter, OUT!


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