Reader feedback: Euro is the only answer

Re: A good read, Volume 12, Number 13, April 03 - April 09, 2006

Saving currency and investing are still relatively new ideas in Slovakia.

In the past, currency devaluations and fluctuations often disuaded average people from investing. Currency would be converted to durable goods (cars, appliances, etc) or real estate and NOT put into a bank or invested with brokerage firms. The strong crown and new 401K style accounts have started to reverse this trend, but to really spur investment by the middle classes, a hard currency like the Euro is the only answer. It will make everything from money market accounts to Euro denominated bonds and stocks that pay dividends in Euros much more attractive. Conceivably, it will allow Slovaks to invest their money with investment houses in other countries as opposed to just Slovak banks, giving Slovaks better returns with much lower fees.

The basic difference in our world views is that you see short term pain in the Euro conversion and I see long term opportunity for average Slovaks. You (and many Slovaks for that matter) tend to view the issue through the lens of consumption and I see it in terms of long-term savings and investment.

John Sherwood,
Washington, DC

Get daily Slovak news directly to your inbox

Top stories

Health care professionals still lacking ahead of Saturday's testing

Government avoids mobilisation for now, PM offers an extra bonus to health care professionals who can serve the whole weekend.

Dolný Kubín

The big test is upon us. What are we to do?

For a foreigner living in Slovakia, there is yet another concern.

News digest: Who will take the swabs?

The government offers hundreds of euros to health care staff for testing. Curfew ends on Saturday for some. Take a look at testing sites and more.

PM Igor Matovič helped with testing in Tvrdošín.

The big testing: When and where to show up, and what if I don't want to? (FAQ)

Here is what we know about the practicalities of the nationwide testing so far. Testing also applies to foreigners and diplomats in Slovakia.

Pilot testing in Bardejov