Spectator on facebook

Spectator on facebook

Gašparovič signs act on euro introduction

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, the so-called "general law" that was approved by Parliament on November 28.

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, the so-called "general law" that was approved by Parliament on November 28.

Meeting the individual regulations of this legal norm is expected to ensure a smooth transfer from the Slovak crown to the common European currency. The act deals with regulations related to dual circulation and pricing, rules for rounding off prices in changeover calculations, and rules for exchanging cash in Slovak crowns after the Slovak currency is no longer valid.

The newly-signed law doesn't relate to meeting the Maastricht criteria set as conditions for Euro adoption, nor does it mention Slovakia's macro-economic or currency situation vis-á-vis its preparations for joining the Euro-zone.

The law also amends further regulations, mainly the law on the Slovak central bank (NBS), to ensure that powers relating to currency and issuing banknotes and coins will be transferred from the NBS to the European Central Bank.

The first provisions of the law should come into effect as of January 1, while others will be valid when the changeover rate is determined, which is due to take place in the summer of 2008. The remaining provisions are set to enter into force as of the planned date of the introduction of the Euro, i.e. January 1, 2009.

-TASR

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

In praise of concrete

It was once notorious for its drab tower blocks and urban crime, but Petržalka now epitomises modern Slovakia.

Petržalka is the epitome of communist-era architecture.

Slow down, fashion

Most people are unaware that buying too many clothes too harms the environment.

In shallow waters, experts are expendable

Mihál says that it is Sulík, the man whom his political opponents mocked for having a calculator for a brain, who “is pulling the party out of liberal waters and towards somewhere completely different”.

Richard Sulík is a man of slang.

Blog: Exploring 20th century military sites in Bratislava

It seems to be the fate of military sites and objects in Bratislava that none of them were ever used for the purposes they were built for - cavernas from WWI, bunkers from WWII, nuclear shelters or the anti-aircraft…

One nuclear shelter with a capacity for several hundred people now serves as a music club with suitable name Subclub (formerly U-club).