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off prices in changeover calculations, and rules for exchanging cash in Slovak crowns after the Slovak currency is no longer valid.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

End of investigative show a cause for concern

Media freedom watchdogs believe the scrapping of the only investigative show on public-service television is a threat to its independence.

Jaroslav Rezník

Proxy for Roma criticises minister Kaliňák for ethnical and group discrimination

The government proxy slammed Interior Minister Robert Kaliňák for the draft law on repressing criminality in Roma settlements, for populist discrimination and preferring repression to prevention.

Roma communities, illustrative stock photo

Slovak racer Svitko finished at Dakar Video

After a serious fall in the tenth leg, Slovak motorcyclist Štefan Svitko resigned from the 40th year of the Dakar Rally due to pain in his upper body.

Štefan Svitko

Carmakers in Slovakia produced more than one million cars last year

2018 will be critical for Slovakia’s automotive industry, claim sector’s representatives.

Most cars produced in Slovakia head for export.